Estate Planning Essentials: Understanding Your Will

Estate planning is a catchphrase that includes many different kinds of planning: guardianship, insurance, business transfership, estate tax considerations, trusts, and more. One of the pillars of your estate planning is your will. A comprehensive will covers a host of different issues regarding your estate. Let’s take a look at the basics of a will.

Name Your Executor

In order to avoid contention and confusion in your family once you’re gone, it’s important to name an executor or two. The executor or executors will make decisions regarding how your estate is managed. Choose someone you trust to be your executor. In many cases, the executor is also a beneficiary. This is a wise move because someone who stands to benefit from your estate is more likely to be judicious than someone who stands to gain nothing.

Provide For Your Children

Guardianship is one of the most important parts of your will if you have minor children. In the event that you die before your children are grown, they’ll need both guardianship and financial support, and your will is your tool for creating a workable, successful plan.

If you die without a will in place, the court will control their inheritance and appoint a guardian without knowing whom you would have chosen. This leaves too much to chance. Take control of your children’s future by writing a will that provides well for them.

Name Beneficiaries

Your estate includes all of your assets, whether those assets are modest or extensive. No matter the size of your assets, you’ll probably want to leave them to someone, and your will is the way to do that. If you neglect to create a will, the courts will decide who gets to have control of your assets. Avoid the courts, and succinctly lay out your wishes in your will.

Don’t forget to name beneficiaries for your real estate, investment and retirement accounts, heirlooms, business assets, and anything else you own that has value, such as cars, art, and jewellery.

Get Started Today

The best time to create a will is now. You don’t know what the future holds, and you don’t want to be caught off-guard when incapacity or death strikes. Don’t procrastinate any longer; talk with your financial adviser about what you can do to manage your will and take control.

Once you have a comprehensive will that addresses all of your concerns, keep it in a safe place, and make sure your executor knows exactly where it is. If you have an old will that is out-of-date, destroy it so there’s no confusion among your beneficiaries after you die.

For help with estate planning, or for any other kind of wealth management, contact us at Altus Financial.