making a will Archives - De Bruin Law Firm

No matter the size of your estate, it’s important to have a will. More often than not, there are things that every one of us would like to ensure get taken care of in our absence. Whether it’s children, pets, property, or money, ensuring that everything has a place is going to make it easier on your loved ones once you’re gone.

But what’s included? Where can you turn for help when it’s needed? Are there guidelines you can follow?

We’re here to help. Read on to learn what to include in a will.

Personal Assets

When it comes to wills, personal assets are defined as anything you own that isn’t considered “real property.” This can be anything from a car to clothing, or jewelry, furniture, or cash.

When you’re creating your will, you have to make sure your personal assets are specific. If they’re not, you leave space for your executor to be confused and have trouble determining your wishes.

This leads to the next thing you should have in your will.

Executor

An executor is a person you assign to carry out your last will and testament. This person is going to be responsible for paying off debts or taxes you may owe and then divvying up your estate.

The better the state your affairs are left in, the easier it’s going to be for your executor to carry out your wishes.

Real Property

The next thing that should be included in your will is real property. Real property is anything that falls under land, homes, physical buildings, and even mineral interests.

It’s a bit more complicated to divvy these assets out, but it’s still possible. Hiring a lawyer can be helpful in these cases.

Guardianship

After property, the next thing to consider is guardianship. If you have children or pets, they’re typically going to go to your spouse or next of kin unless you specify otherwise.

If you find that your spouse or next of kin wouldn’t be up for the task, it’s best to send them to someone who could better care for them in your absence. You want to make sure the person you’re choosing for this task knows ahead of time and has given you their approval before making the decision.

Whether or not the pet or child has expensive needs, you can leave money behind to care for them.

If you’re hesitant about letting someone know they’d be the one caring for your pet, it’s important to think about the fact that they might give them up if they think they can’t handle it. As for your child, you want to make sure they’re left with the proper care they would need.

Cancel Any Debts Others Owe You

If you’d like the debts that others owe you to be considered water under the bridge, then you’re going to have to state that in your will. It’s easy to think that your death would rid anyone of these debts, but that isn’t always the case.

In most cases, that debt is simply going to be passed to those who inherited your estate.

Instructions on How to Manage Property

One other thing to include in your will is instructions on how to care for any of your property. This may be particularly helpful to anyone you’re leaving property to.

If there are specific companies that can or do care for your home, then leaving a list of those could prove helpful. Think cleaning services, landscapers, pool cleaners, pest inspectors, and other things of that nature.

If you have plants or other living things, then it could be smart to include how often you water them, what type of fertilizer you use, and how often, or other specific care you perform for the plant.

You can also specify you want your assets sold, and then how you’d like the proceeds distributed.

Things to Not Place on Your Will

While there are plenty of things that are smart to include in your will, there are also things that don’t belong there.

Property in a living trust is one of these things. If you have a living will set up, then the property is going to automatically go to the beneficiary you’ve designated in your living trust and is managed by the state.

Life insurance proceeds fall under the same rule. Those are automatically going to fall to either the beneficiary, your partner, or your minor children. Retirement plan proceeds, like money from a pension, IRA, or 401(K) also should not be included in your will as they contain a section for you to set a beneficiary.

Plans For Your Funeral

More often than not, the settling of your estate won’t happen until after the funeral, so, likely, nobody will even notice that you’ve included your funeral wishes until after the fact.

Instead of leaving any wishes in your will, simply talk to your loved ones about what you’d like. You can also create a separate document outlining any wishes for your funeral. You can give this document to the executor of your estate.

You Know What to Include in a Will… Now What?

Now that you know what to include in a will, it’s time to take the next steps in preparing yours. If the process is confusing for you, or you have a complicated estate, it may be best to turn to a professional for help.

When you hire a lawyer to guide you through the process, you ensure that everything is taken care of and that nothing is done improperly.

De Bruin Law Firm can help with your estate planning. Contact us to get started today.

Have you written your will yet? If the answer is no, this is something you should not ignore.

Every adult should have a written will to protect their assets and family from the unexpected

If you think making a will is complicated, we’re here to help. Keep reading to learn how.

1. Understand Why You Need a Will

There’s a common misconception you need to be rich in order to make a will. However, failure to do so will result in a difficult time for your loved ones in the event of your passing.

Maybe you don’t have millions of dollars or many properties, but you still need to designate who will keep your possessions.

A will dictates your last wishes. If you promised your younger brother your motorcycle but don’t leave a will, who is to say there won’t be many family disputes over it.

Having a will is important for any person, not just rich individuals.

2. Inventory Your Estate

Making an inventory of your material possessions is quite simple. If you have a living spouse, you could simply leave any properties, trusts, and insurance policies to your spouse.

Then if you want to leave other material possessions to other family members, you should specify it in the will. This part is simple, but it does get a bit tricky when you have more financial affairs.

You might not be aware of other aspects that should be included in the will. Consulting a lawyer is the best way to get some guidance on things like trust accounts, insurance policies, 401K or IRA accounts, and more.

A lawyer will ensure there are no loopholes left when you make the inventory of your estate.

3. Appoint an Executor

You will need to appoint an executor. An executor is not necessarily a beneficiary, it can be anyone you fully trust.

The job of an executor is to ensure your last wishes are fulfilled when you pass away. Your executor will distribute the property, pay the taxes, and perform other legal duties on your behalf.

If you don’t have a family member or friend to be the executor, you can leave it in the hands of your lawyer.

4. Decide Who Will Get Custody of Your Kids

If you have underage children, it’s even more important you have a will. In order to avoid your children ending up without a guardian, or with the wrong one, you should appoint on in your will.

Remember, the person you pick to be your guardian should be fully aware of the commitment.

Pick a relative or close friend who you trust and will match your parenting style and values.

5. Designate a Power of Attorney

If you decide to draft a will, you should also designate a power of attorney.

A power of attorney is someone who will act on your behalf should you become physically or mentally disabled and unable to make your own decisions.

Whoever you designate will have the financial responsibility of paying your bills, managing debts, and other critical financial decisions you’re unable to make for yourself.

Consult an attorney to get more information or what kind of power of attorney you would need.

6. List All Your Debts

In the event of your passing, your debts don’t go away. Since your executor will be the person responsible for paying all of your debts, you should leave them a list to guide them in the process.

Make a detailed list of all your financial obligations including car loans, mortgages, credit cards, medical bills and more.

7. Choose Your Beneficiaries

If you have a simple family dynamic, your estate will probably go to your spouse or children. At least that is how a judge would decide it if you don’t leave a will behind.

If this is your wish, you should leave a will to make sure is in writing an no one can try to take from your family what is rightfully theirs.

However, if you don’t have immediate family or are estranged, you should designate a beneficiary. In doing so, it will speed up the probate process.

8. Pick a Place for Your Will

Your will is an important legal document, therefore, you need to make sure store it in a safe place.

Leaving it in one of your drawers at home is not a good idea. In a will, you included your last wishes and should only be read in the event of your passing. No one should have access to this document.

It should be stored in a fireproof place away from prying eyes, like a bank safe deposit box. Just make sure someone you know knows the location.

9. Review and Update Your Will

Once a copy of your will is drafted, you have to make sure it says what you meant for it to say.

This is the time to make changes and be as specific as possible.

Even once your will is done, you’re not done with it. You should pull your will out of the safe place where you keep it to review and update it.

You should aim to pull your will out of hiding every four to five years just to verify those are still your wishes.

If you fell out of touch or someone you included in your will passed, then you want to make sure they’re removed from the will.

10. Don’t Forget the Importance of a Lawyer

Although there are some will DIY resources, hiring a lawyer to write your will is one of the safer choices.

Hiring a lawyer means there will be no confusion on your will because they know the law and know how to navigate complex cases and situations.

Making a Will Doesn’t Have to Be Difficult

Making a will is not only for rich people. If you have belongings, property, or children, is a smart move to leave a will behind.

A will is the record of your final wishes and it’s important you leave those instructions in the right hands. Are you in the South Carolina Area and would like help in your estate planning? Don’t hesitate to contact us.

Tag Archive for: making a will

The Complete Guide on What to Include in a Will