A will is an important document that can help secure your wishes are carried out after you pass away. It is the best way to make sure that your family and loved ones can live in peace and are taken care of after you are gone.

The will in estate planning shows how you want your property to be divided after you pass away. Include every asset in your will, from money and investments to real estate. Name the person or people who will be in charge of managing your estate after you pass away. If you need help drafting your will, contact Monroe will planning lawyer.

Estate planning: What to include in your will

You should add the following elements to your will for estate planning.

  • Beneficiaries

Identifying your beneficiaries is the most important element of will planning. Beneficiaries are the people who will receive the assets after you die. It can be anyone from family members, friends, charities, and other organizations. You have to list your beneficiaries’ names, contact information, and the specific assets you want them to receive. 

  • Executor

An executor is a person who is responsible for carrying out the instructions in your will. It can be a family member, friend, or professional like an accountant or attorney. Ensure to list their name and contact information.

  • Guardian

If you have children under the age of 18, you should add a legal guardian to your will. It will ensure that your children are taken care of if something unexpected happens to you.

  • Burial and funeral instructions

You can mention how you want your funeral and burial to be handled. You can include the type of service you want, where you want to be buried, who will officiate the ceremony, and who should be invited. Adding instructions for your funeral and burial arrangements in your will allow the family to honor your wishes.

  • Assets distribution

You can list the specific assets you want to distribute to each beneficiary. It can include bank accounts, real estate, investments, and other items.

  • Alternate beneficiaries

It is also important to add alternate beneficiaries in your will if your primary beneficiaries die before you.

  • Debts and taxes

You have to add instructions for how you want any debts and taxes handled. It can include who should be responsible for paying them and how much they should be paid.