What To Include In Your Will: The Four Critical Parts

No matter the size of your estate, there are four critical things that must go into your Last Will and Testament.

Executor

Since your Will’s executor will be responsible for literally every part of your estate distribution, choosing wisely is crucial. Make sure the person you choose knows the law, understand Probate and, most of all, respects and honors your wishes.

Guardianship

The single most important thing – above all material and financial assets – is guardianship of children and other dependents. Also, many people take the time to make sure their beloved pets are taken care of in their will, designating who and where the pet will go.

Without a will, there are laws that dictate what happens if you die and have minor children. They’ll typically go to a spouse or your closest relative. However, you need to include guardianship instructions in your will to make sure your wishes are respected. You can make sure your minor children are provided for in a way you would provide for them.

Assets

If you’re looking for the simplest way to leave your assets to your heirs, use a Will. These days, you can create a Will online. Leaving money and possessions to you heirs is as easy as literally making a list of who gets what. If it’s money, specify what bank accounts. If it’s a possession, describe it.

For instance, if you are leaving a piece of art, be sure to take a photo and describe it in detail – what type of art, who the artist is, when it was completed, how much it’s worth, what it looks like, etc.

Note: If you choose to create a Living Trust, you must transfer ownership of items and money into a Trust that will be distributed when you pass away. While it will be easier on your heirs, it can sometimes cause confusion, especially if you put an asset you need access to in the Trust, such as your savings account or your car.

Real Property

There’s a difference between your home and other buildings you own and your prized Tiffany lamp. Your lamp is your possession. Your home is your Real Property, and Real Property is a bit more complicated than simply leaving your favorite classic car to your granddaughter.

When it comes to Real Property, you need a good attorney who can give you the best advice for your particular circumstances. A Trust might be the best thing for you, or a simple Will could be the easiest way to distribute your Real Property. Weigh your options.

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