Estate planning is a legal process that centers around passing on an inheritance to your loved ones. You can also nominate people to look after your children should you become incapacitated, and much more.
A will is the starting point of any estate plan. At first, drafting a will can seem overwhelming, but once you know a little bit more about it, this feeling eases. Outlined below are some of the key factors that your will should include.
Your chosen executor
An executor is an individual who is tasked with carrying out your instructions and distributing assets in your estate once you have passed on. This can be anyone of your choosing, but you should think carefully before making a commitment. Is the person likely to outlive you? If not, then they may not be up to the task. Do they want this responsibility? Can you trust them to carry out your wishes as intended?
Choosing your beneficiaries
Beneficiaries are the people who you want to benefit from your estate. Often, this includes close family members and friends, but you can also choose charitable organizations if you wish. Think carefully about who you want to benefit most from your hard-earned savings and assets once you pass on.
Guardians for your children
There is nothing more important to you than your children. You want them to be happy and safe no matter what happens. If you are to become incapacitated, who is going to oversee your care? In your will, you can nominate legal guardians for this purpose. Importantly, you are not limited to one guardian, you can also name backups in case something goes wrong with the original plan.
While you can draft a will on your own, this is generally not advisable. To make sure your final wishes are honored, it will be better for you to seek some legal guidance.