Thinking of preparing a will may feel like you’re facing the end. As dark and dreary as it might seem at the time, know that it’s really to benefit your family at the time of your passing. A will is meant to help sort out your leftover finances, passing on your assets, and knowing that your family won’t have to worry about anything after your passing. It’s no surprise that most people feel too afraid to start this process. After all, it’s an overwhelming and complicated process. Luckily, we‘ve broken down some things to think about as you start thinking about your will.
When should I Start Making A Will?
There’s the question of when and should you start making your will? The answer can vary, but some life events can trigger when to start shaping your will. Even if you’re young, there are reasons to start considering writing a will. Once you turn 18, you’re legally able to start drafting out your will. If you’re not married, don’t have children, you may still have assets that can get sorted out.
Your pets and belongings, especially anything valuable, heirlooms, are all things that can get included in your first will. It’s best to catalog your items or group them in case anything ever happens. Many say that if you’re young, broke, and don’t own much to not worry about a will. However, it’s better to have you in charge of what you own and where it goes. If not, then the government will have charge of distribution.
Assets And Debts
If you die and don’t have a prepared will, your assets will end up in “intestate succession.” This means that your property will get divided according to state law. It’s best to list your assets in categories with an approximate value. This can also mean a mortgage or a loan. If you own a house or your car, then include whether you own this item or with someone else like a spouse or business partner. Real estate can get a little tricky. If the real estate was jointly owned, then it immediately goes to the surviving member, and the asset won’t need to get included in your will. If it’s listed as ‘tenants in common,’ then the portion of the property you owned will get included in your will.
You also want to gather all the information on your financial, retirement, investment accounts. Debts will also include mortgages, credit cards, any type of loans, and medical bills. Your assets will get used to pay off all of these debts. It’s good to know if your assets are even sufficient to pay off your debts.
Think Of The Children
This can feel like the most challenging part of shaping a will. If you get married or start a family, it’s definitely time to begin writing things out. Thinking of who will take care of your children if both parents pass away should take priority over most other items. If not, the state will choose a guardian if you never named a guardian in the will. Talk it over with your spouse and make a list of names that you would like to raise your children if anything happens.
Finding Beneficiaries And An Executor
This will typically go to your spouse, children, family, or even charities of your choice. You can determine who gets what when it comes to assets and property at this time. After deciding these essential things for your will, it’s time to find an executor. An executor will take care of administering your estate, pay valid debts, and distribute assets. Pick someone who has the confidence to do this task properly. Family members are the cheapest, but it may be hard to deal with the stress of handling a death and your assets during this time.
Keep It Updated
Things change in life, and other things can occur that will change the outcome of what you originally wrote in your will. Updating your will at least once a year is a best practice to leave everything exactly how you want it to. Debts change, assets change, even relationships can change. Stay on top of this document as much as you possibly can. You also want to think about funeral preparations. Some of these topics can go unnoticed at the time, but they’re some of the most important aspects when someone passes.
Joseph Vasquez Will Help
If you’re looking to start putting together you will, the offices of Joseph Vasquez can help you. By keeping things in order and giving you everything to think about in the document, we can make sure it’s all taken care of in a professional and legal manner. We want you and your family to feel confident during this challenging time and ensure that you don’t also worry and stress over these topics. Contact our offices today to see how we can help better prepare your future.