Do you know what it means to create a will? While many people understand the concept of a will, not everyone has actually created one. Wills can be a simple as a handwritten note or as complicated as a complex, legal document. Either way, creating a will is a process every person should go through in their lives. But where do you start? In this post, we’ll break down the process of will creation into three simple things. Here are three things you should know about creating your will with the help of a will lawyer Sacramento, CA trusts.
1. Don’t wait to create a will
You do not want to put off creating your will. No one can know what tomorrow will bring, and do you really want to risk leaving your family at the mercy of the state? By creating a will, you will get to lay out your legacy and protect the ones you love. Anyone over 18 can create a will. And while it may seem like this is a document you make later in life, you really shouldn’t wait to make until you are older. Everyone has some sort of assets (even if you are young and don’t have a lot to your name at the moment). And in reality, the will is not for you, but rather to help the people you are leaving behind. So, make sure you don’t wait to create your will no matter how old you are.
2. What to include in your will
There are three main components to include in your will. First, you will want to designate beneficiaries for your possessions. Who do you want to inherit what? Do you want to give everything to your spouse, children, or parents or are there specific items you want to leave to certain people? Your will is where you will write out these decisions.
Second, you will want to name the guardians of your minor children. This is an extremely important aspect of your will if you have children as you are essentially naming who will raise your children in the case that you are not able to anymore.
Third, you need to name an executor of your will. This is the person who will make sure your wishes are carried out as you requested so make sure this person is up for the job. After the death of a family member, stress and emotions can run high so this person needs to be able to think clearly and objectively when executing your will.
3. Keep your will updated
A will is not a one time document, but rather it is living and breathing. You need to make sure you keep your will updated after every big life event. Did you have another child? Update your will to include them. Did you get a divorce? Update your will to remove that person from receiving anything you don’t want them to receive (especially if you gave them the right to make decisions on your behalf). Did you come into wealth or purchase a large amount of property? Update your will. By updating your will after every big life event, you can be confident that your family will be taken care of correctly.
Thanks to Yee Law Group for their insight into estate planning and things you should know about creating a will.