Writing a will is an excellent way to begin planning your estate. Your family members can reference your will for guidance when they close your estate.
This formal legal document provides you with a place to name beneficiaries and clarify your final wishes. If updated regularly, your will can facilitate the distribution of your assets to the people you love.
Name beneficiaries
Not naming beneficiaries to your estate might mean your money ends up with people you do not care about. There are many ways you can gift monetary assets to your beneficiaries including the following:
- Trusts
- Scholarships
- Monetary gifts
One of the primary purposes of a will is to record the names of the people you want to benefit from your estate.
Use specifics
The more specific your language is in your will, the less confused your surviving family will be. Using specifics can give clarity, boost confidence and provide comfort. Your effort now could significantly lower the risks of an estate dispute.
Make it formal
Having a will is an excellent first step. However, overlooking the need to make it formal could render it inoperable when you need it most. According to U.S. News, sign your will immediately once you have finalized everything. Have an approved notary sign off on the document.
Your effort to write a will now can boost your estate plan and give you the incentive to continue finetuning your plans. Your family will appreciate the time you took to write instructions for them. Your action now can provide considerable comfort to them after your departure.
