Writing your will requires some work and time. After all, you are thinking long-term and have to consider your entire life and everyone else in it. Your will is the piece of paper that decides your wishes even after you are gone. Therefore, you want to ensure that it is an accurate reflection of what you would like to do with your assets and debts.
A Harrisburg estate planning lawyer highly recommends writing a will before it is too late. The main consequence of not doing this is that the state will distribute your property by law regardless of your wishes. While writing a will sounds complicated, it does not have to be. Take help from a Harrisburg lawyer to make the process less confusing.
Four important things to consider when making a will.
1. Guardianship of children.
People often make their first will after having a child. This step secures their child’s future in case they and their partner are no longer around to take care of the child.
In your will, you can nominate any person to take care of your children or be their guardian. When choosing a guardian for your child, make sure to consider the similarities between your lifestyles or religious beliefs. Select someone with whom your child has a good bond and who is financially, physically, and emotionally capable.
While writing your will, you can include your wishes regarding your children’s upbringing. This can cover aspects such as the type of education they will pursue and where they will reside.
2. Mention your executor’s details.
After your death, it is the responsibility of the executor to carry out the will according to your instructions. Therefore, while making a will, include all the details about the executor, such as their name, place of residence, and your relationship with them.
It is also highly advised to appoint a sub-executor if the original executor is unwilling or unable to perform the task.
3. Is someone financially dependent on you?
One of the most important things to consider when making a will is how to support your family members or any other person who is financially dependent on you after you are gone. You need to think long-term and plan for different situations.
For example, you can leave money for your spouse to support them initially and then pass it on to your children.
4. Identify your asset.
Make a thorough inventory of all your financial assets, including shares, bank accounts, insurance policies, retirement funds, and other items you may own. Ensure you provide all the necessary information about your financial assets.
Additionally, remember to include any assets that are not recognized as traditional properties, such as domain names and digital assets like websites.
If you have decided to make a will, do not forget to call an estate planning lawyer.
