Three Important Items You Need to Include in Your Will
By Anica Oaks
While you may not want to think about your death, it’s something that you should to ensure that your items are properly taken care of. A will is an instrument that can help to direct the dispersion of your assets after your passing. When constructing your will, there are three important factors that you must include in it.
Name an Executor
An executor is a person who is responsible for ensuring that your will is followed after your passing. In some states, the executor may be referred to as a personal representative. It’s a great idea to include a backup executor. This will ensure that if your first pick is unwilling to act or unable to, you have another adviser that will ensure your will is properly followed as you wished.
Indicate Special Instructions
When you specify people in your will to receive your assets, you may want them to have some restrictions on what they’re allowed to do with them. For example, you may add a restriction about selling an inherited house for a set number of years. There are various special instructions you can add in your will as this is a very individual choice. Be sure that your instructions are very clear for everyone reading the will to fully understand what is necessary and the restrictions that you’re placing on the given assets.
Name Your Beneficiaries
When making specific bequests for real estate, cash or other personal property, you’ll need to name beneficiaries. These are the people who will receive the items that you specify. In most cases, the beneficiaries of wills are children, relatives, business associates, organizations and charities.
While you may believe that others will out survive you, it’s important to make a backup plan if they don’t. You should specify in your will a secondary beneficiary for each asset in the event the first one is no longer surviving. You may name the secondary beneficiary as the spouse or children of the original beneficiary. If they don’t have children or a spouse, you may want to name a charitable organization as the beneficiary for your assets.
Creating a will can be a very emotional event. While you may try to avoid it because you don’t want to think about your death, it’s an important part of your legacy to have your assets handled. By creating a will, you can help those you leave behind disperse your assets accordingly so they don’t have to worry about settling the items between themselves or others.