Making a will is not the most exciting topic, and it forces you to face your mortality. But whether there’s a pandemic or not, it’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen.
Making a Will – 10 Little-Known Facts You Need to Know
If you pass away without a will, you and your loved ones will not be in charge of how your assets get distributed. Dying intestate (i.e., without a will) means the state courts will decide who gets your belongings and who will become guardians of your children.
If you search online, there are many free or low-cost templates you can download to make a will. But be aware that these forms will not necessarily comply with all the specifics of your state laws.
You can set up a will for free, but beware of the limitations
There are other documents you should consider besides just a will to protect you and your family
There are often other legal documents you will want to have on hand and helpful instructions for your loved ones, especially if you are the one that mostly takes care of the finances.
This can be a tough decision and probably requires a conversation with the would-be guardians. However, it is definitely in your best interest to have this written down and not left up to the state courts to decide.
This trust will hold the assets on behalf of its beneficiaries and is its own legal entity. When you set up the trust, you can plan how and when the assets are distributed. For example, the beneficiary could receive a certain percentage when they reach a certain age or a set amount each year.