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What is a Will?

What is a Will?

When you hear the word WILL, what do you think, do you fully understand what a will is? Many people associate it with who gets your stuff after death. That is a simple way to say it but there are some things that should go into a will and others that do not.

So, What is a Will?

By definition, according to the all knowing Wikipedia, “A will or testament is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution.” Answering the question what is a will takes a little more time to fully describe what should and should not be included.

 

What should be included in a will?

  • Guardianship
  • Assets
  • Property

What should not be in a will?

  • Bank accounts
  • Investment Accounts
  • Retirement accounts or pension plans
  • Life insurance policy

*any assets that are jointly owned will go to the other person on the account.

 

Back to what you should include

Guardianship is very important if you are a parent of minor children. This is the reason many people make a will in the first place. Preparing a Will is the best way to assure your children will be taken care of if you are not there to care for them. Choosing who will take guardianship over your children in the event of your death is a major decision. There is so much that goes into making that decision so it is important that you have your specific desires documented. 

 

Assets to be included:

  • Money/Cash
  • Real estate
  • Stock/Bonds/Mutual Funds
  • Other physical possessions

If there are things of monetary or sentimental value it is important to document who will take ownership after you die. Maybe there are special tea cups or antique dolls that are not valuable as far as money goes but are important to be passed on to a family member you know will value them. Anything that you want to go to a specific person should be listed.

Real property

(More than physical possessions)

  • Homes
  • Land
  • Roads
  • Ponds

*any fixed area of land and anything immovable that is on it.

 

Once you know what needs to be included in your will you can get started on writing it. I highly recommend looking into services provided that can help you get your after life affairs in order. Because the better prepared you are the more you feel at peace knowing your loved ones will be taken care of. 

 

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