While you may think you are too young to consider creating a last will and testament, it may surprise you to find out that drafting a will is often in your best interests at any time in life. Creating a will protects you and your family should an unexpected accident take your life or render you unable to make critical decisions regarding your care.
Even if you have waited until later in life to customize your will and your wishes as to what will happen with your property once you pass on, it is never too late to get started. There are some critical factors to consider when writing this important document.
Gathering up your property and assets
One of the main topics to include in your will is what property you wish to pass on to friends and family members. This includes the following:
- Family home
- Jewelry, art and antiques
- 401k plan, term life insurance policies and stocks
Choose the beneficiaries who you would like to receive your property. Be specific in naming who is entitled to what to minimize any conflicts or disputes that may arise when distributing property. Keep in mind that you can revise this list in the future.
Selecting the right people for the job
Another important step is determining who to appoint as a guardian to your young children, incapacitated adult or elderly loved one. Be sure to select someone you trust will make decisions based on the best interests of your loved one. Discuss your choice with potential guardians beforehand and ensure they are okay with your selection before naming them in your will.
Finally, you must decide who is going to act as an administrator to your estate once you pass. The executor to the estate must be trustworthy and responsible in handling your property and possessions. This person must be willing to see your estate through probate if needed.