While planning retirement from your career, you may start thinking about creating a last will and testament. After accumulating a lifetime of property and assets, you want to ensure they end up with certain friends and family members. You do not have to wait until you retire to create this important document, however. Financial planners suggest that even young adults start planning their estate, especially those who are recently married or have young children.
Before you get started writing your last will and testament, there are some important factors to consider and details you may want to add to your document. First, make a list of all your property and assets. This includes homes, vehicles, possessions, 401k plans, stocks, money market accounts, collectibles, art and anything else you deem valuable. Next, determine who you would like to receive your property once you pass. Remember to be specific. Unclear decisions will make it difficult to determine who gets what and may cause a dispute over your property.
You will also want to choose an executor who will oversee your case and follow your estate through the probate process if necessary. Be sure to choose someone who is trustworthy, responsible and has the time necessary to devote to this potentially complicated process. Finally, you will want to select a guardian to your children if you have young ones. You may want to ask the people you have in mind for both the executor and the guardian if they are up for the job before placing their names in your will.
Keep in mind that you can also update and revise your will in the future, as your life changes.
