A will gives you a written, legal document with clear, concise directions to declare how you want your estate distributed after your death. In addition to providing peace of mind for your family, the will empowers you with making several critical decisions including:
Choose the person you want to carry out your final wishes. This chosen representative, the executor, carries the sole responsibility for fulfilling the instructions of the will.
Designate your beneficiaries for specific bequests and precisely identify the division of these possessions.
Take an inventory of all your assets from checking accounts to pieces of fine art, this exercise realizes all your real and personal property.
Donate specific assets or monetary gifts to charities of your choosing.
Disinherit those family members you wish not to receive any of your property upon your death. This intentional exclusion could be supported by a detailed explanation in writing to avoid any misunderstanding.
If you have made a personal loan to someone, you can forgive the debt in your will.
The definition of ‘family’ is a dynamic one. Identify and name step-children, non-married partners of children, and other household members without a familial relation.
For parents of minor children, assign a guardian to oversee the personal and financial well being of the children until adulthood.
For business owners, the will can provide instructions on how to wind down your business or your succession plans.
For pet owners, some states allow for a gift to be made for the care of your furry companion after your death.
With writing a will, you have the power and control over the distribution of your estate. Ultimately, it is your final word.