If you are considering planning your estate, creating a will and the probate process may be on your mind. It is important to think about them, and, ultimately, create a comprehensive will before it is too late. Granted, preparing a will can take time, but being familiar with the things that you can do can make this process easier for yourself. Keep reading to learn what you need to do to get started.
Step 1: Know your assets
Before you can begin creating your will, it is important to know what assets (and debts) you have. This means taking an inventory of these items in a spreadsheet or other document.
Step 2: Know your beneficiaries
This may include friends or family members. In estate planning, these individuals are often called “beneficiaries” because they will benefit from all the hard work that has gone into estate planning. If a beneficiary is not named in the will, he or she will likely receive nothing.
Step 3: Decide what to do with your assets
Do you want everything distributed evenly between all the people listed as beneficiaries? Or are there specific items that you would like some individuals to receive more than others? Be sure to make this clear in your will.
Step 4: Select an executor
With matters related to wills and probate, the executor will be in charge of certain tasks, such as filing a death certificate, notifying creditors about your passing, distributing assets to beneficiaries according to your wishes and more. In other words, this person will be the one who makes sure that everything goes according to your wishes.
As you can see, preparing a will does not have to be a daunting task. In fact, it can be quite simple if you understand what you need to do before you begin.