Many people go through life without considering what will become of their assets after their death. However, you may have come to realize that your estate can benefit the people around you when you pass away. You may want your assets to go to good and caring hands.
If you’re older and you haven’t yet started your estate plans, is it just too late? Not at all. Everyone should have a will, and it doesn’t really matter when you start your plans. The important thing is that you need to get it done.
You shouldn’t let estate planning intimidate you
A will lets you decide who inherits the estate of your choosing. You can have a home to go to your spouse, a car for your child and a gift for an old friend written in a will. It’s all a matter of what you include in a will.
This may be the very first time you’ve ever written a will. This can be troubling when you’re unsure what to add, who your estate will go to and who will manage the affairs of your estate. Some of the information you will need in your will includes:
- Your personal identifying information
- The intent of the written will
- The name of your appointed executor
- The contents of your estate
- The names and identifying information of your heirs
There’s a lot to include in a will and missing even one step can cause your heirs to miss out on their promised inheritance, so this isn’t something you should try to create on your own. Consider talking to someone experienced in wills to ensure everything in your plans reflects your final goals.