A primary part of any estate plan is your last will and testament. Even if you develop a more complicated plan that relies on trusts to protect and distribute your assets, your will still plays an important part of your plan. Before you set out to write your will, there are several things you can do to make the will creation process go a lot smoother.
Step 1: Consider your property
A will allows you to direct how you want your probate estate distributed. If you don’t plan on transferring your property to a trust, or if you have a lot of personal or sentimental property that could lead to family discord, you should take the time to list all your property and think about how you want to distribute it.
Step 2: Consider your executor
An executor will manage your estate as it goes through the probate process. Like personal property, your selection of an executor could potentially ruffle some feathers, so consider your choice carefully and select alternates that can serve equally well as your first choice.
Step 3: Don’t forget your debts
If you have any debts, those simply won’t go away after you die. Your estate will have to pay them, so it’s important to calculate how much you owe and what it will take to pay them off. Those debts can impact what inheritance you leave, and you don’t want to leave an estate that doesn’t take the debt into consideration.