A will is not only for older people, as some young people believe. If you have assets and/or children, it can protect them. Besides, wills are among the primary documents of estate planning.
However, writing a will, especially for the first time, can be challenging. For this reason, here are four tips to help you.
1. Follow state laws carefully
California has laws that must be observed for a will to be valid. Examples include you must be at least 18 years old and of sound mind. You should also create the will voluntarily and it must be in writing – in a physical form.
2. Include all assets
All your assets should be listed in your will. These include investments and retirement plans, real estate, money, businesses, stocks, bonds and mutual funds, pensions and digital assets. Further, know the value of each asset and indicate it as so. You will update your assets and their values as time goes by. You will then name the beneficiaries of each asset.
3. Determine guardianship for minor children
If you have children, you want to leave them in good hands when you become incapacitated or die. Pick someone whose lifestyle and values resonate with yours. It will also help if they already have a bond with your kids. Further, talk to the loved ones you are considering before deciding.
4. Appoint an executor
You need to name someone who will execute your wishes. They will distribute assets as indicated, pay debts and liabilities as instructed and protect investments before distribution. And upon incapacitation, the executor will follow your instructions, including the treatments to be administered. Therefore, you need to appoint someone you trust.
Creating a will is becoming more convenient with technology. Get professional guidance with your estate planning to achieve your dreams.