Preparing a will is one of the most important things that you can do. Your will allows you to select beneficiaries and to choose an executor for your will and estate. It gives you the opportunity to choose a guardian for your children and to specific who you’d like to receive your assets.
Many people know that a will is important, but despite that, not all adults have them. People often wait until they’re older or have families before they create wills, but it’s a good idea to do so even before then.
Since around 57% of American adults don’t have a will, now is a good time to go over what belongs in one and to reach out to your attorney for help. They can help you decide on how to divide your assets or on naming heirs.
In your will, you can be highly specific about where your assets go. You can be as specific as you’d like. For example, you may will your furniture to a niece going off to college or specify that a specific ring goes to your son or daughter. It’s up to you to decide how you want to divide your assets and handle different aspects of your estate following your death.
Who can be an executor for a will?
When you put together a will, you do need to determine who the executor will be. You should think carefully about who you’ll choose. You should choose someone you trust. You are able to name your attorney as the executor of your estate if you prefer that someone with legal knowledge takes care of your will and estate after you pass away.