No matter your age, a will is an essential document that lays out your wishes upon your passing. Having this document secured gives you and your family peace of mind for the future. For married couples, it’s also important that each spouse has their own will.
When creating a will, there is key information that needs to be included in the document.
These are your significant assets. Think of items like:
- homes you own;
- money in checking and savings accounts;
- stocks, bonds, and intellectual property; and,
- valuable objects such as cars, jewelry, artwork.
When listing these items, you can only include assets that solely belong to you. If you are married, you can only leave your share of the assets you own jointly.
One item you can’t currently leave in a will is digital property. While technology continues to evolve, many online organizations do not allow the transfer of digital property to family members — this includes username and password information.
Deciding Who Will Inherit the Property
After listing your assets, you will then want to include who should inherit those items. Family and friends are top choices for many but others may also include charitable organizations as beneficiaries.
If you have minor children, it’s important to include who will be responsible for them should you nor the children’s other parent be able to do so. Having these conversations with the potential guardian needs to be done ahead of time should an unfortunate event happen.
This is the person who will carry out the wishes of your will. This is another conversation you’ll want to have with someone ahead of time — to make sure that this person is willing to take on the responsibility of overseeing your wishes.
You never want to make a will on your own. In many cases, items can not be fully transferred to another person without going through probate. Having a will carefully laid out can make this process go faster.
When you’re ready to make a will, contact our team at Jerimy Kirschner & Associates, PLLC. Our experience makes a difference, and we’re ready to help you. Call us today at (206) 203-8802 for a free estate planning consult.