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

According to one study, over 68% of Americans do not have a will. But that is changing. In 2021, young adults are 63% more likely to have a will than they were pre-pandemic.

Making a will is not the most exciting topic, and it forces you to face your mortality.

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.

It’s a good idea to check the beneficiary on your accounts every few years, especially during significant life changes such as getting married or divorced.

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

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

3. Name guardians for your children

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.

4. Consider setting up a trust

5. Name an executor of your will

The executor of your will is in charge of carrying out your final wishes as stated in the will. They will distribute your assets to your beneficiaries, pay your debts, and generally settle your accounts.

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