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

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 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.

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.

8. 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.

9. Make sure to follow the rules to make it legal State rules vary, but for the most part, there are a few key things you must do to make your will a legal document.

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