To ensure that your final wishes are honored after you pass away, it’s essential to know what to consider prior to creating a Last Will. Before you start the process, it’s crucial to understand what should be included in your will.
6 Essentials of a Last Will and Testament
Whether you decide to draft your will independently or seek legal assistance, make sure these five key elements are incorporated into your Last Will and Testament.
1. Guardianship of Minor Children
If you have children who are under 18 years old, it’s vital to designate their guardianship in your will. Even if you are currently married, it’s important to plan for the unexpected by choosing a suitable guardian for your children. This decision can provide peace of mind and avoid potential conflicts or uncertainties in the future.
2. Financial Matters
When most individuals think about creating a will, financial considerations often come to mind first. Your Last Will and Testament enables you to specify beneficiaries who will receive any monetary assets you leave behind.
3. Non-Monetary Assets
Besides money, there may be other valuable assets that need to be addressed in your will. When it comes to managing your finances, don’t forget to designate beneficiaries for your possessions like cars, jewelry, family treasures, and furniture in your will.
4. Real Estate
It’s essential to designate who should inherit your house or other property to prevent potential issues. Neglecting to name beneficiaries might lead to the assets being sold and distributed by the court. Yet, if your estate already has beneficiaries listed on the deed, it may not be necessary to include this in your will.
5. Beneficiaries
The main purpose of addressing these matters in your will is to identify who will inherit your assets. If you don’t have immediate family members or children to include as heirs, you can consider leaving your wealth to a charitable organization.
6. Pet Guardian
If you have beloved pets, your will can also address their care by appointing a pet guardian. This ensures that your pets are cared for and provided for in the event of your passing, giving you peace of mind about their well-being.
Exclusions from Your Will
While a will covers many aspects, there are restrictions on what can be included. Note that certain items cannot be addressed in your Last Will and Testament under specific circumstances.
- Jointly Owned Property or Assets
- Life Insurance Beneficiary
- “Payable On Death” Accounts
- Investment Beneficiaries
Other Important End of Life Documents to Keep in Mind
Your Last Will and Testament is not the only end of life document you should consider. To make things easier for your family once you’re no longer around, it’s important to gather and arrange all the necessary information sooner rather than later.
How Can The U.S. Will Registry Help?
Established in 1997, The U.S. Will Registry serves a vital purpose. Many assume that their loved ones will remember who their lawyer is or where they’ve stored their will at home. However, research shows that 67% of wills are not found when needed.
The registry offers a free online will program, written by renowned estate attorneys, making the process seamless and understandable for users. This comprehensive service effortlessly guides you through the process, ensuring that you properly document and honor your final wishes.
In addition, The U.S. Will Registry offers a National Registry of Wills for individuals and attorneys to register (free) the whereabouts of their will. This ensures that crucial papers can be easily located when required. Registering where you keep your will or other documents simplifies matters for your family and guarantees that your final wishes are upheld as intended.
Moreover, The U.S. Will Registry provides additional peace of mind by partnering with SideDrawer.com for securely storing and readily accessing your important documents. Besides wills,
In Conclusion
Creating a Last Will and Testament ensures that you respect your wishes and take care of your family after you’re gone. When crafting your estate plan, it’s essential to cover key areas like caring for your children, managing finances and selecting beneficiaries. Don’t overlook exclusions in your will and other important end of life paperwork to guarantee all aspects of your estate receive proper attention. Additionally, make use of tools such as The U.S. Will Registry to streamline the process and keep your crucial documents safe and accessible for your family members.
