The contents of a will

On Behalf of | Oct 13, 2019 | Estate Planning |

Many Georgia residents may know they need to write a will. However, many people may wonder what they should put into this document. A will is one of the most important estate planning documents, so it is a good idea for people to think carefully about the contents.

One of the things people lay out in their will is their beneficiaries. The U.S. News and World Report says these beneficiaries are the people who will inherit assets. A will should usually record who these people are, as well as what they will receive. Once people write down their beneficiaries, it is a good idea to list specific items these heirs will inherit. Many people may want to leave their money or certain pieces of jewelry to their children, for example. If people include how much money each child gets or which piece of jewelry goes to which child, they may be able to prevent some conflict after their death. If people have young children, the will should also include a guardian. This document is also the right place to list an executor for the estate.

Some people may want to include funeral instructions in their will. According to FindLaw, people should usually keep funeral plans out of a will. This is because people typically have a funeral before they begin going over the estate. Instead, it is a good idea to write a separate document outlining funeral plans. People may want to give this document to their spouse or one of their children.

Many people may want to list a beneficiary for their pension or life insurance in a will. However, this is generally not necessary, as people can name a beneficiary for these funds when they first set them up. Additionally, some people may want to distribute property in a will. However, the guidelines for distributing property are sometimes different from those for other assets. If someone holds a piece of real estate with someone else, for example, he or she usually cannot just leave the property to a different person. If a person’s assets include real estate, he or she should generally do a bit of research to determine whether these properties can go in a will.