Things to Consider in Your Will

Many prefer avoiding discussing what happens when we pass and the steps we must take to prepare for it. But the sooner you have a plan for your will, the easier it will be to maintain it, and the more peace of mind you’ll have when it’s done. If you’re starting your journey in writing your will, here are some helpful things to keep in mind.

What is a Final Will

A will is a legal document created by you, the testator, to express your preferences for distributing your assets and caring for your loved ones after you have passed away. A will is often also known as a testament, which is a legal document that allows a property owner to dispose of their possessions after death.

There are many benefits to having a will in place:

• Dictate Care for Loved Ones: You can appoint a legal guardian if you have minor children or even your dear pet!
• Fulfill Funeral Wishes: Though not legally binding, establishing your ceremony and burial preferences will make it easy on your loved ones when planning your funeral.
• Minimize Estate Tax Payments: The value of what you leave to family or charity will lessen the value of your estate.
• Proper Distribution of Possessions: The law will determine how to distribute your inheritance should you not have a will upon passing, and it might not be dispersed in a way you see as fair or fulfilling to you.
• Reduced Stress on Executors: It will be easier for your executor(s) to obtain your assets without extensive court processes.

Types of Wills

Depending on your preferences and unique circumstances, you’ll want to choose the type of will that best fits your needs:

• Simple Will: This specifies whom you wish to inherit your assets and property when you pass away, including legal guardianship of minor children and pets.
• Living Will: This allows you to designate medications, medical procedures, organ donations, and treatments you do and do not want.
• Holographic Will: This is handwritten and signed without witnesses, though it may not be accepted in all jurisdictions and needs to meet the standards and requirements of your state.
• Nuncupative Will: This is a spoken or oral will that often happens when the individual nears their passing, such as in hospice, and wants to express their wishes beforehand.
• Mirror Will: This is created by couples who want separate wills but copy each other on content such as heirs while protecting their partner’s financial stability.
• Joint Will: Similar to a mirror will, this is created by couples to protect their partner’s financial stability and express both their wishes within one document, but cannot be modified once one partner passes away.
• Testamentary Trust Will: This is written inside a will to direct the disposition of your assets after passing and is essential if you need to provide long-term care for beneficiaries.

What to Include in Your Will

For a smooth transition upon passing, consider the following to include in your will:

• A Declaration: As the testator of legal age, has a sound mind, and is not under any duress, you must declare your willingness and ability to make such a document and your intentions regarding its enforcement.
• An Executor or Personal Representative: Depending on your state, you must name a person or institution as your executor to be responsible for settling all affairs associated with the deceased estate. This includes ensuring all your wishes are carried out, managing assets throughout the probate process, and settling your debts. You might consider a second executor should anything befall your primary; otherwise, the probate court will appoint someone to administer your estate.
• Beneficiaries: Beneficiaries are individuals or organizations you set to inherit your designated assets or property. You might consider a second beneficiary(ies) should anything befall your primary(ies), and they will receive those designated inheritances instead.
• Care Plans for Loved Ones: If you have minor children or pets, you’ll want to appoint a legal guardian(s) for them to go to and continue being cared for upon your passing.
• Charitable Donations: You’ll need to leave instructions for donations if you wish to use any amount of your assets to support charitable causes you’re passionate about after passing.
• Directions for Allocating Business Assets: You’ll want to dictate how and to whom business assets. such as board seats, investment interests, loans, and ownership stakes, are settled and passed along.
• Instructions for Digital Assets: In the modern age, it’s important to designate control of social media profiles, online accounts, and other digital assets.
• Plans to Pay Debts, Expenses, and Taxes: Your debts will remain after passing, and it is your responsibility to designate cash, insurance, or the liquidation of assets to satisfy them, or they will burden your loved ones.
• Plans for Debts Owed by Others: Should others owe you any debts that were not settled before your passing, you’ll have to decide if payment can continue and be made payable to the estate, or if they can be forgiven or dissolved as long as the estate is solvent.
• Special Instructions for Maintaining Real Estate: If someone is receiving your residence, you’ll want to outline specific instructions to best maintain the property and enjoy it to the fullest.

What to do After Writing Your Will

The hard part is over; you have a draft of your will with all important information established now! Here’s what you’ll need to do while getting back to the things you love:

• Find a secure, accessible place to store the original copy of your will, such as a fireproof and waterproof safe in your home, filed with the probate court, or at your attorney’s office if a lawyer helped you write it.
• Keep extra copies on hand and consider giving one to everyone affected, such as the executor and beneficiaries, so they can ask questions and learn about their roles.
• Revisit your will every few years or after a significant change in circumstance, such as gaining or losing a loved one, change in relationship status, influx of wealth, or poor health.

Ready to turn your finances around and plan for the future? Check out our free ebook, 6 Money Planning Tips For Your Senior Living!

At Life Enriching Communities (LEC), we’re committed to ensuring patrons feel well-equipped to plan their future and age how they wish. Explore more resources on senior living or contact us today to learn more about our legacy of services and programs that bring meaning and purpose to every stage of life.