Glendale, AZ, residents new to estate planning often think about creating a will before considering anything else. In an estate plan, starting with a will is wise because it is something with which most are familiar. Making your will can also help you think about other tools (trusts, powers of attorney, etc.) to consider adding.
The problem with creating a will, for a lot of people, is that they simply don’t know where to start.
What are some valuable elements to include in a will?
Drafting a will can be simple or complicated depending upon your needs. However, making a will requires careful consideration on your part. The strength of your will comes from its language as well as its provisions. Below, you will find a few examples of asset provisions to consider putting in your final testament.
- Debts: Wills may contain instructions for paying the deceased’s outstanding debts, which often reduces financial hardships for those left behind.
- Property: You may use your will to determine who will inherit your real property, including your residence, upon your death.
- Investments: Wills can address how to distribute your investment assets (individual allocations or pooled before disbursement) to your surviving family members.
- Cash: Cash distributions may include everything from the contents of your wallet to your bank accounts and money market funds.
- Possessions: A will is a great way to leave your possessions or family heirlooms to the individual beneficiaries who will best appreciate them.
Once you have completed your will, you may decide to expand your estate plan to include other documents such as advance health directives or a trust. Many people rely on an experienced law firm to help them put their wishes into writing to ease the burdens on the family members they leave behind.