About half of Americans do not have a will in place because they think it is too complicated. However, it is a critical part of protecting your loved ones’ interests.
Here is everything you must know about drafting this part of your estate plan.
Do you need help?
The short answer is yes. Drafting a will alone off of a template you found online leaves you open to legal loopholes. However, the state offers things like beneficiary financial counseling to help you get started with your plan.
What happens if you do it wrong?
If you do it wrong, it will leave your family with a lot of headaches. You will not have to deal with any of the consequences, because they will occur after you die. These mistakes generally only show themselves after someone dies. The biggest issue is that you cannot fix your mistakes at this point.
What do you need in a will?
Your will explains who you are, what you have and who gets what. It is also where you outline the people that will represent you should you become incapacitated or die.
Who are personal representatives and guardians?
Guardians are who will care for your children under 18. Personal representatives or executors handle your estate after you die. That person is responsible for acting on behalf of you and distributing your assets correctly.
Do not put off drafting your will any longer because it is a great way to help your family in the future. Coming up with a detailed plan is something you should do out of love. Plus, it leaves you feeling confident that your assets will go to the right people after you die.