While creating and organizing your estate plan may seem daunting, getting information on the topic can help reduce confusion and simplify the process. One of the most common documents in your estate plan is the last will and testament.
The last will and testament give detailed instructions to friends and family members regarding how you would like your estate handled after your passing. It is important to understand the parts of the will and how to compose it so you leave the best instruction manual possible.
What you need to get ready
Before you write your will, it is helpful to gather all the documents and information necessary to create a draft. Make sure you have a list of all your property and assets, including life insurance policies, stocks and other accounts. Be sure to document all policies to make it easier for family members to find information. Consider who you would like to have your property once you pass. Keep in mind that you can change beneficiaries at a later date if you wish.
What are the parts of the will?
According to U.S. News, critical components of the will include the following:
- List your property and assets
- Beneficiaries for your property and assets
- Executor or administrator of your estate
- Choose guardians for minor children
- Attach a letter to your friends and loved ones
It is important to add specific details regarding who you want to receive what. Furthermore, you want to revisit and update the will occasionally, making changes as you deem necessary. Having a completed last will and testament is important, as you never know when an unexpected event will leave you unable to create one.