Thinking about where your money and family heirlooms will go after your death may prompt you to wonder what the benefits are of crafting a will.
Learning about what you can include in this document can help you to determine what steps to take next.
Choosing an executor
According to the American Bar Association, picking someone that you trust to execute your final wishes can help you feel peace of mind. This person typically handles your estate, which means he or she goes through the probate process and confirms the payment of any fees or taxes you have left.
You should choose someone you trust deeply, since having a will that names an executor is one way to avoid confusion among your family and friends about your wishes. Dividing up assets among beneficiaries is an important task of this person. A beneficiary is a person who inherits an asset after your death.
Specifying inherited assets
The items you own, such as a house or a car, typically go to your spouse and children if you do not have a will. If you want to specify in writing which assets go to which family members, you likely need a will.
Personal property and cash, along with retirement accounts, are among the most common assets people usually include in this document.
Picking guardians for children
If you have minor children, you could want to name someone who can act as a guardian in the event of you and your spouse both dying. A will allows you to include this information, which can help your family avoid a long legal process if you did not name anyone.
Learning about possible information you can include in a will may help you make the best choices for yourself and your loved ones.