Determining what will happen to your property and assets if you should pass away is not a task many people rush to complete. It is difficult to think of our mortality and what will happen to the beloved possessions we have accumulated throughout our lives when we leave this place. Yet, for many people, creating a last will and testament can help give peace of mind when it comes to knowing what will happen to an estate if you are no longer able to voice your wishes.
When you sit down to draft a will, there are several things you may want to consider. First, who will be in charge of overseeing your estate and ensuring everything is carried out properly. This role is known as the estate administrator or executor to the estate. If you do not name one in your will, one may be appointed to your estate by the trustee. You should choose a person who is dependable, trustworthy and responsible to carry out this task. Talk with the person beforehand to ensure they are up to the job.
Next, you will want to think about your possessions, property and money. It is critical to list specifically what is included in the estate and what beneficiaries you would like to receive your property once you have passed.
Finally, and most importantly, you may want to think of a person you would like to care for your young children if something should happen to you and you are no longer able to do the job yourself.
This information is intended to educate and should not be taken as legal advice.