Of the numerous different estate planning documents, wills are probably the most common. A will is an important tool for your protection and the protection of your family members. Although the exact contents of your will are unique based on your family’s needs, there are certain inclusions that most people will find beneficial.
- The name of a guardian for your children
If you have young children at home or if you are the parent or guardian of an adult with special needs, you may want to nominate someone to take over your responsibilities. This is arguably the most important step for someone with children who are dependent on them for daily needs.
- Distribution of your assets
A will should include instructions regarding the distribution of your property. From your home to the classic car that you slowly refurbished after retiring, you will want to consider choosing beneficiaries for those things. You will also want to choose who is to receive your other assets through what is called a “residuary clause.”
- Your personal legacy wishes
Do you want the person handling your estate to sell off your assets and start a scholarship fund? Do you want to provide care for a companion animal that will outlive you, such as a parrot or a recently acquired puppy?
Your will can help you achieve numerous different estate planning goals, and we recommend that you discuss those wishes with an attorney. The more specific your intentions are for your property in the future, the more important it becomes for you to discuss those ideas and integrate them into your will.