Whether you’re nearing retirement age or are just now settling down, having a will that outlines what you want to be done with your money and belongings when you die is always a good idea. However, with something as big as a will, it’s important that you take the time to really consider the decisions you’re making and what will really be best for the people you love when you’re no longer around.
To help you in figuring all of this out, here are three things to consider before finalizing your will.
Decide If You Want A Will Or A Trust
The very first thing you’ll want to decide when thinking about how to handle things after your death is if you want a will or a trust.
If you choose to create a will, that document will have to go through probate court after your death. Additionally, wills can be contested in court, which can make the legal process much longer and complicated. But with a trust, especially a living trust, you can make changes to the document and have things spelled out for your loved ones even before you pass away. So depending on how you want things to go with your family or those you’re leaving your possessions to, you might want to choose one route over the other.
Who To Name As The Executor
Once you’ve figured out if you want a will or a trust, or both, you then need to decide who you want to be in charge of taking care of things for you regarding this documentation after you die.
When choosing the person or people you want to serve as your executor, try to pick someone that you know is trustworthy and will go through with everything that you’ve outlined in the document. Also, because going through these processes can be complicated and time consuming, you’ll also want to choose someone who can be organized and handle the responsibility that this will place on their shoulders.
Plans For Your Children
If you’re a parent with children who aren’t adults yet, one of the main points of your will or trust will be setting out who you’d like to be the guardian of your children.
Making this decision will be very important for you, for your children, and for those who you have caring for your children. You’ll want to consider things like who has the capacity to care for your kids, who will raise them with your wishes in mind, how much disruption there will be to their lives, and more.
If you’re in the process of finalizing your will or your trust, make sure you consider the factors mentioned above so that you have all your bases covered in these documents.