A will is the backbone of the estate plan that lets your loved ones know your wishes when you pass away. There are some specific points that you should include in your will. Remember, you also have other estate planning tools, including trusts, to help you care for your beneficiaries and heirs.
One of the primary purposes of the will is to name the executor. You should name a primary person, but don’t forget to include an alternative in case the primary person isn’t able to handle the duties. The individuals you name should be at least 18 years old. Many people opt to name a spouse or adult child, but make sure this isn’t going to be too much pressure on them because they will be dealing with losing you while they have to handle these duties.
You can pass down assets in your will, but be sure you’ve explored all the options for doing this. You can include the beneficiary of your life insurance policy in the will, but the person you name must be the beneficiary on the policy. If these are different, the person you name on the policy is the person who will receive the proceeds.
Once you write out your will, don’t forget about it. You should ensure that you review it periodically, so you can verify if it is still accurate and up to date. If you spot anything amiss, be sure to update it while you’re thinking about it and are still able to do so. Failing to update your will could mean that your wishes aren’t followed when you pass away.