Creating a will is one of the best things you can do from an estate planning perspective. Even if you do nothing else, this legal document will ensure that your property ends up with the right person or people upon your death.
There are several important questions to address before creating a will, including the following:
- Is it right for you? While a will is a commonly used estate planning document, you should compare the pros and cons to a trust. This will help you determine what’s best.
- Do you have to create a will? There is no law stating that you have to create a will, but if you don’t have a valid will, your estate is settled based on the laws in your state. This may not align with what you want to happen.
- Can you create a will on your own? DIY will creation tools are popping up all over the internet. The problem with these is that you never know for sure if you’re making the right decisions or doing something that is against the law.
- Who’s the best person to name as your executor? This is the person responsible for the probate process upon your death. You need to choose someone you can trust to handle everything in a timely and efficient manner. Most people select a close relative or a trusted friend.
By addressing these questions when creating a will, you’ll find it much easier to make confident decisions that benefit you and your loved ones. It’s never easy to make your way through the estate planning process, but you’ll be glad you did in the end.