An important part of planning your estate is creating a last will and testament. This critical document is comprised of how you would like your estate handled and what you would like to happen to your assets and property after you pass. It can be difficult and overwhelming to think of such things as you are drafting your will. However, you can prepare yourself by researching what types of questions you will need to answer, as well as what will be included in the will.
First you may want to determine what is included in your estate and what pieces you would like to include in your will. It is important that you include all of the property and assets that you would like to give to your beneficiaries. This may include the following:
Homes, vehicles and other possessions
Term life insurance policies, 401k plans and stock options
Lottery ticket winnings
Collections, such as antiques, cars, coins and other valuables
Intellectual property, such as copyrights, trademarks and patents
Next, you will want to determine who you would like to receive your property or the beneficiaries. If you have young children, it is best to appoint a guardian, who will take care of your kids if you should pass. You may want to leave money or property for your children by leaving it in a protected trust. This can be transferred directly to your children or to other beneficiaries immediately upon your death without having to go through the probate process.
This information is intended to educate and should not be taken as legal advice.