Making a Will – 10 Little-Known Facts You Need to Know

Making a will is not the most exciting topic. But whether there’s a pandemic or not, it’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen.

Before you sit down to plan your estate, here are ten things you need to know that you might not have considered.

1. What happens if you pass away without a will?

If you pass away without a will, you and your loved ones will not be in charge of how your assets get distributed.

2. Some assets are distributed regardless of what your will says

This isn’t quite as scary as it sounds, but you do need to be aware that some assets are passed on outside of the will, regardless of what you put in writing.

3. You can set up a will for free, but beware of the limitations

If you search online, there are many free or low-cost templates you can download to make a will. But be aware that these forms will not necessarily comply with all the specifics of your state laws.

4. There are other documents you should consider besides just a will to protect you and your family

Making a will is just one part of the estate planning process.

5. Name guardians for your children

If you are a parent, you will want to make sure you use your will to name guardians for your children.

6. Consider setting up a trust

If you want to pass money down to your kids but don’t want them to receive a massive windfall early, you can create a trust to hold one or more of your assets.

7. If you own a business, make sure you include it in your estate plan If you are a business owner, your business itself could be one of your most valuable assets (and one of the hardest to pass down).