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What are the basic components of a will?

On Behalf of | Mar 26, 2022 | Estate Planning |

Regardless of how old you are, a will is an important document to file. This document provides for the specific distribution of your financial assets and personal property when you die.

A will serves as protection for both you and your loved ones, though it is your loved ones who stand to benefit the most from a well-planned will.

Inclusions in a will

You should work with an attorney to ensure that the contents of your will stand up in court originally and should it be contested. The basic information about yourself and assets must be accurate to render the will effective. You will need to include your full name and date of birth. List your current address as well as the names of any aliases. Each individual who is going to receive something from the will needs to have their names listed as well. Any property or assets that will be divided should be clearly written with specifications as to who receives what.

The beneficiaries

The distribution of transferable assets occurs according to the list of beneficiaries. These are the individuals you name to receive your items. For many, family and friends receive priority, though it is possible to include charitable organizations, businesses, educational institutions and more. It is smart to have a primary and contingency beneficiary listed for large assets. When naming these individuals, you will also establish who is to fulfill the terms of the will after your death. This person is your executor.

A full estate plan can help ensure the proper distribution of your property and assets after death. Having a will is a great way to start the process.