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Writing a will is an essential part of estate planning. Wills serve several purposes, such as disposing of property not placed in trusts and naming guardians. Learn more about which elements should always be included in a will.

3 Topics Every Will Should Include for Effective Estate Planning 

Guardianship

A will is the legal instrument parents use to name guardians for their minor children or adult children who require special care because of mental or physical incapacity. When parents die without wills, the state decides who becomes their children’s legal guardians. Adults may also want to designate guardians for aging parents or other loved ones for whom they have legal responsibility to provide care and support.  

Assets

estate-planning-Honolulu-HITo write a will, you need to know what assets you own and where they are located. Making a detailed list helps you and your estate planning attorney draft complete and effective wills. Assets include tangible items, such as real estate, cars, money, and personal property. Intangible items, like business interests, patents for products, and copyrights for books and music, are also valuable assets owners can pass to others through wills.

Beneficiaries

Beneficiaries are the people, entities, and charities who receive property from you through wills. If you die without a will, your natural legal heirs, such as your spouse, child, parent, or sibling, will receive your property. Making a will allows you to choose beneficiaries, allot the amounts you want them to have, and designate when they should receive it. Your estate planning attorney will advise you about options for distribution.

 

For more than 40 years, residents of Honolulu, HI, have depended on the attorneys at the Law Offices of Neil T. Nakamura & Associates for help with their estate planning. For everything from wills and trusts to business succession plans, their legal team offers wise counsel and effective representation. Call (808) 945-7645 or visit them online to arrange a free consultation today.

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