Why Should You Have a Last Will and Testament?
A will can help accomplish many things, including naming executors, explaining how family heirlooms and other property should be distributed, and naming guardians for your minor children. A will should be part of a comprehensive estate plan, but it is a good place to start. Here are some basic steps to get you started in making a simple will:
1. Choose what property will be in your will — First, create a list of your assets. Then decide what will pass through your estate after you pass away.
2. Determine who will inherit your property — also consider alternate beneficiaries in case your primary choices do not survive you.
3. Choose your executor — An executor is the person you name to carry out the instructions of your will. Consider a potential alternate in the event that the first choice cannot serve.
4. Choose a guardian — If you have children under the age of 18, you should name a guardian — someone you trust to look after your children.
This information will be needed to create a simple last will and testament.