Making A Will
– 10 Little-Known Facts You Need To Know
Making a will is not the most exciting topic, and it forces you to face your mortality. But whether there’s a pandemic or not, it’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen.
Before you sit down to plan your estate, here are ten things you need to know that you might not have considered.
What happens if you pass away without a will?
If you pass away without a will, you and your loved ones will not be in charge of how your assets get distributed.
Some assets are distributed regardless of what your will says
It’s a good idea to check the beneficiary on your accounts every few years, especially during significant life changes such as getting married or divorced, having children, or buying a house. If you keep these up to date, you can ensure your money is going to the right place.
You can set up a will for free, but beware of the limitations
If you search online, there are many free or low-cost templates you can download to make a will. But be aware that these forms will not necessarily comply with all the specifics of your state laws.
There are other documents you should consider besides just a will to protect you and your family
Making a will is just one part of the estate planning process. There are often other legal documents you will want to have on hand and helpful instructions for your loved ones, especially if you are the one that mostly takes care of the finances.
Name guardians for your children
This can be a tough decision and probably requires a conversation with the would-be guardians. However, it is definitely in your best interest to have this written down and not left up to the state courts to decide.
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