Five Things You Should Know About Making Your Last Will and Testament.
If you are making your own last will and testament here are five things you should know:
First, you need to decide who your beneficiaries will be. While most states require your spouse to be included as a beneficiary among your children, grandchildren, and other family members, you’re free to include or exclude whomever you choose. You can also name a charity, such as your church or a local shelter, as a beneficiary.
Second, you should determine what each of your beneficiaries will inherit from your estate. In making this determination, keep in mind personal belongings, such as jewelry, collectibles, antiques, and pets, as well as assets, such as bank accounts, stocks, and bonds, real estate.
Third, you need to nominate a guardian to be responsible for taking care of your minor children until they become adults.
Fourth, you need to decide what will happen to your remains after your death. You can specify whether you would like to be cremated, buried or allow your family to make the decision for you.
Fifth, you need to appoint someone to be executor/personal representative of your estate. The executor is the person you nominate to be in charge of settling your final affairs, such as paying bills, and taxes, administering your probate estate and carrying out your final wishes.
Once you make these important decisions, use SimplyWilled.com to prepare your last will and testament. Once you have your final will, you will need to execute the document in the presence of two witnesses.