You sit back and take in the “homey” feel of your living room as your youngest child rests against your shoulder. You can’t help but relish the life you’ve built. But what would happen if you were to suddenly pass away?
No, it’s not something we like to think about, but death is inevitable. And that’s why creating a will is so important. Sadly, six out of 10 American adults do not have wills.
In light of the above, writing a will should be a top priority for you this spring. But what should be included in a will?
Here’s a rundown on how to write a will in 2022.
Asset Division Instructions
One of the most important parts of any will is an explanation of how to distribute any assets you leave behind when you die.
In your instructions, you need to specify which family members will receive cash as well as certain heirlooms or even land. This will help to prevent fights among your beneficiaries.
In fact, you can ask each future beneficiary now which heirloom they would like to claim in the future, then list this in your will now.
An estate planning attorney can help you to develop clear instructions that cover all of your assets and desired beneficiaries.
Name of Children’s Guardian
If you have minor children, you also need to spell out in your will who would serve as your children’s guardian in the event of your death.
Consider the health and age of the individual you choose to name as a guardian. A grandparent might be willing to take on this role, but they might not be able to fulfill this role for financial or health reasons.
Also, consider your chosen guardian’s living situation and value system. This would also impact your children’s upbringing in your absence.
Name of Executor
Your will should also include the name of an executor of the will — the person who will be responsible for carrying out your wishes.
Perhaps you can’t think of a relative you trust to handle this role. In this situation, you might want to choose a third party to be your executor.
This might be a non-family member who is experienced in handling estate. Alternatively, you could name a bank as your executor.
Apply Your Knowledge of What Should Be Included in a Will Today
With a well-thought-out will, you can be confident that your personal belongings and assets will end up in the right hands when you die. Likewise, you can be sure that your young children will be well taken care of.
Consider the abovementioned list of what should be included in a will as you seek to protect your and your loved one’s best interests in the years ahead.
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