Estate planning is an event that you can do at any age. It is often better to begin your estate plan when you are young, as you can modify it at any time. One essential tool your plan should contain is a will. A will tells your family what to do with your things and what your wishes are when you leave this world. If you are preparing to make a will, here are some tips to help you create a thorough will.
List Your Beneficiaries and How You Want to Divide Your Things
A will lets you state your wishes when you die, and one essential part of a will is your list of beneficiaries. A beneficiary is a person that you want to give your things to when you die. You can have one beneficiary or many; it is up to you. When writing your beneficiaries, you should list each person's name. It would also help if you listed how to divide your things. Do you want to split your belongings evenly between all your beneficiaries or give each person specific items? The more thorough you make this list, the easier it will be for your family to settle your estate.
State Every Asset You Own
The second tip to follow is to state every asset you own. As you list your assets, be specific. List every item on a separate line so that your family knows exactly what assets you have. For example, if you have a coin collection, you could list each coin separately. You might even want to list the values of each one on your list.
Include a List of Accounts and Passwords
Finally, you might want to include a list of your accounts and passwords. By doing this, your family will have an easier time accessing your information. If they do not know how to get into your phone, for example, they will never have access to the information you store on there. Therefore, list your phone passcode. You can also write a list of all your bank accounts, credit card accounts, and life insurance accounts. When doing this, write the login information by each one to give access to your family after you die. Be sure to keep this list in a secure place to protect the information included.
Creating a thorough will can help your family settle your estate properly when you die. If you are ready to start working on your estate plan, contact an estate planning attorney today. Likewise, check out this website, https://www.linskylaw.com, or similar websites for additional information.