There is nothing simple about preparing a will. In addition to the tedious nature of the process itself, it's sure to bring a bit of anxiety to your life. However, it's important to remember one thing: Once you have a will in place, you'll feel much better about the future.
There are a variety of questions to answer when preparing a will, all of which will move you toward making the right decisions. Here are five of the most important:
- Am I required by law to prepare a will? There is no legal obligation to prepare a will, but neglecting to do so puts your assets at risk of ending up in the wrong person's hands.
- Is it possible to create a will without an attorney? While there are many do-it-yourself tools online, estate planning isn't something to tackle on your own. Proceeding without professional assistance increases the likelihood of making a mistake.
- Is it possible to alter a will in the future? Yes. You're under no obligation to keep your will the same for the rest of your life. In fact, there's a very good chance you'll need to alter it, such as in the event of marriage, divorce, childbirth or the death of your spouse.
- Can I name a guardian for my minor children? A will allows you to name a guardian for any children under the age of 18. This person will have legal guardianship over your children, until they reach age 18, if you pass away.
- Where should I store my will? Keep your will in a safe and secure area, such as a fire safe at your home or a safety deposit box at a local bank. Also, share the location with your executor, so they know where to find the will upon your death.
There are a variety of questions to answer when preparing a will, with the answers giving you the confidence necessary to proceed.
As you answer the questions above, many others will come to mind. Make sure you address each and every one in a timely manner.
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