If you’re wondering how to prepare a last will and testament, the process may seem daunting, but overall, it’s easier than you might think. Simply put, having a last will and testament ensures that your wishes are followed and your loved ones are cared for after your death. So you definitely don’t want to procrastinate on something like this!
It’s always a good idea to meet with an attorney when creating your will. However, generally speaking, if you want to know how to prepare a last will and testament, here are some of the basic things you should include.
Your beneficiaries
To begin, you’ll need to make a list of beneficiaries. Beneficiaries are the people you’d like to inherit your personal property or assets. Although you don’t have to decide who you want to receive certain items right away, you should definitely create a thorough list of anyone you want to be included. That way, you don’t accidentally leave anyone out.
List of assets
Next, you should make a complete list of your personal assets, starting with the biggest ones. For example, your house or car(s) are big items that should be included in this list. Then, you can work your way down to including smaller assets like jewelry, musical instruments, and antique furniture. If you own a family business, you should also include it in your list of assets.
List of debts
Additionally, you’ll need to make a list of all your current debts. This might include student loans, mortgages, car loans, personal loans, and any outstanding taxes. The purpose of this list is not to leave your debts to any of your specified loved ones. Instead, it will help you and your attorney plan for expenses like your funeral.
Designated executor
You will also need to designate an executor in your will. This person will be responsible for handling your estate and the provisions you’ve made. However, before you name an executor, you’ll want to make sure they’re willing to take on the task. You can do so by simply asking them if they’re up for the job.
How to prepare last will and testament
Most people don’t know the first thing about creating a last will and testament, but a knowledgeable and experienced attorney can help guide you through the process to ensure that it’s done right the first time.
Although the items listed in this article are some of the most important parts of a will, you may also need additional legal guidance on how to create and structure your will. In this case, it’s always best to consult with a professional.
Author Resource:-
Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at elder law blog.
