The only way to ensure your wishes are carried out after your passing is to draft a will. In this essential legal document, you’ll ensure your family, friends, and loved ones receive the assets you left behind. However, with so many people in your life, dividing these possessions can be complicated. To learn more about the options available, consider this guide.

A Guide to Dividing Assets in a Will

Your Immediate Family

When you pass, your husband or wife will receive your marital property—the assets you acquired after your legal marriage—even if they are not named in the will. Still, it’s crucial to list specific items that your spouse may have asked for or you want them to have, so they don’t get lost in the shuffle. When it comes to your children, your will should state specific items or dollar amounts as well as the recipient’s name and the phrase “to my child.”

Distribution Options

If you have specific assets or amounts of money you wish to leave your friends and family, these should be outlined in your will. However, if you’d rather roughly divide your estate among your survivors, you may choose to divide your assets by percentage points. For example, if you had five children, you could leave 20% of your estate to each of them. The assets these percentages entail might then be left for the court to decide after you pass.

Miscellaneous & Remaining Gifts

There are some situations that must be clarified in your will. For example, if you don’t want one of your children to inherit anything, you must explicitly state that. Otherwise, the courts will assume you left them out by mistake and award them with something anyway. If you have a friend or distant relative to leave something to, you’ll need to be extremely specific about what you’d like to leave them, as they probably won’t have rights to your estate. Remaining assets that were not listed in your will specifically will be covered with a residual clause — a final statement that either divides them among the family or donates them to charity.

If you’d like to draft a will and ensure your loved ones take part in your legacy, get in touch with Cecil & Cecil PA of High Point, NC. They have over 65 years of combined experience preparing everything from wills and trusts to bankruptcy claims. Whether you’re looking for a clean financial slate or peace of mind, schedule a consultation with these trusted lawyers by calling (336) 883-8383 today. You can also visit the website to learn more about their practice areas.