Whether you have recently started a new family or you just retired from work, you may have myriad things to think about. Creating a last will and testament may be the last thing on your mind. However, these are prime moments to think about what you would like to happen to your estate once you pass.
You never know when an accident may occur, and without a last will and testament in place, you have no control over your assets and property. A last will and testament allows you to dictate who you would like to have your property and assets.
Appointing an estate administrator
One of the most important factors to consider when designing your last will and testament is determining who will act as an estate administrator or executor to the estate. This person oversees the finalization of your will and distribution of property upon your passing. It is critical to find someone who is dependable, organized and trustworthy. It is a good idea to ask the person beforehand to ensure he or she is up for the important task.
Other factors to consider
Once you have appointed an estate administrator, you may want to decide what property and assets you wish to include in your will. You can then determine whom you would like the property to go to by designating beneficiaries. Other items to think about include the following:
- Whom you would like to act as a guardian to your children
- Whom you would like to handle your children’s money
- Having witnesses sign your will
- Write a letter to attach to the will
Although it is not a requirement, you may want to have an attorney guide you when writing your last will and testament. This may help to ensure you have everything included and you are not missing an important part of the process. Keep in mind that once you create your will, you can go back and revise it at any time.