A valid will is important for everyone to have. For that reason, it is helpful for estate planners to know what they should include in their will during the estate planning process.
What to include in a will
There are important considerations to include in a will and requirements to meet. Estate planners should understand the process of executing and updating a will as time goes on. Steps to keep in mind include:
- Select beneficiaries that will be included in the will;
- Choose an executor for the will;
- Select a guardian to include in the will for any children;
- Be specific about what property and assets go to which beneficiaries;
- Properly sign the will and ensure witness requirements are met;
- Include a letter with the will;
- Find a safe place to keep the will and let family members know where it is located; and
- Periodically review and update the will. It is also important to review and update a will whenever the estate planner experiences a major life event or change.
Because estate planning can be complex, having trained guidance through the process can be helpful. A will can also be complex and certain legal requirements must be met for it to be valid. Having a valid will can leave estate planners with the confidence that the needs of their loved ones and family members will be met. It will also ensure that specific property and assets they care about will be given to their loved ones as they designate. Because of the importance of having a will, estate planners should understand the steps they should take to create one.