When drafting a will, it’s very important to get it right. Small oversights can lead to massive family disagreements when you pass away. You won’t be around to witness them, but that is not the type of legacy you want to leave for your children.
To help you begin, here are a few things you definitely want to consider before you prepare your will:
- Which beneficiaries you are going to include in the will: You do not have to include any or all of your children, though most people do. If you want to cut someone out and disinherit them, you have that option.
- Who will get what: Dividing the assets between your beneficiaries should be done carefully and specifically to avoid disagreements.
- How to handle assets that cannot be divided: Say that two of your children play the guitar, as you do. You have a guitar that they both learned on, and it may be sentimental, but you can’t divide it between both of them. You may need to get creative.
- Who should be the estate executor: The will tells your beneficiaries which assets they get. Your executor is the person who gathers and distributes them to make sure it happens, among their other responsibilities.
- Your reasoning for your decisions: You don’t have to explain any choices, but some people choose to add a letter doing so in the hope that their heirs will understand and be less likely to dispute the plan when they don’t necessarily agree with it.
There are many more things to consider beyond these key points, so be sure you discuss your options with an experienced estate planning attorney.
