Having a will provides a great point of reference for your surviving family members as they prepare to close your estate. It can also provide visual reassurance to you that asset distribution will align with your intentions.
Creating a will that meets your expectations will require time and upkeep. Knowing how to finetune your document will preserve its structure and function to withstand the test of time.
Your heirs could include children, grandchildren, close friends and even charitable organizations you support. Determining who will benefit from your assets depends on your relationships and personal feelings. Throughout your life, situations might change who you want to list as a beneficiary. Making these changes immediately will guarantee your money remains with the people you care most about.
Make a comprehensive list of your assets. Know your options for distributing them to your heirs. Some things you could consider include gifting money while you are still living, starting a trust fund or providing an inheritance after your death. According to CNBC, a well-written, concise will could eliminate a lot of disagreement and confusion at the time of your death.
You will also want to make note of your intentions. One option to consider is to speak with your family prior to your death. Tell them a bit about your strategy and why you have decided to do things the way you have. You can also write a letter of intent to further reiterate your feelings and desires.
Your will is only a portion of your estate plan, but it can provide critical reinforcement at the time of your death. Taking your time to create something custom to your needs will make a difference in the future.