As you plan for your family’s future, you should consider making a will. This document gives you control over the distribution of your property and possessions — known collectively as your estate. When you consult an attorney for estate planning, it’s good to be familiar with the essential parts of every will. Keep these five points in mind to make your will drafting process go smoothly.

5 Elements to Include in a Will

1. Property You Want to Include

List your assets, which are the things you own or in which you have a legal interest. Your list might include real estate, jewelry, motor vehicles, collectibles, trademarks or copyrights, and business interests.   

2. Parties Who Will Receive Your Property

People and organizations to whom you give property are called beneficiaries. Your will can include specific bequests, which means giving specific items to beneficiaries, and general bequests, which are not specific. For example, specific bequests would be leaving your father’s stamp collection to your son and $500 to the Red Cross. Leaving the rest of your estate to your daughter Mary would be a general bequest.

3. An Executor for Your Estate

An executor is responsible for gathering assets, contacting heirs and beneficiaries, paying estate debts and taxes, and carrying out the wishes in your will. Select someone you trust and ask if they’re willing to serve before you name them. Designate a second person as a substitute in case the first one you name is unable or unwilling to serve when the time comes. 

4. A Guardian for Your Children

If you have minor children or children with special needs, designate a guardian and alternate for them. It’s wise to follow the same procedure as for the executor. 

5. A Manager for Your Children's Property

For minor children or people not mature enough to manage what you leave them, name an asset manager. Your estate planning attorney is likely to recommend creating a trust and designating a trustee, who would manage the property. The trustee and the guardian do not have to be the same person.

Making a will is a fundamental part of estate planning, and the knowledgeable attorneys at Ferraro Kruk & Ferraro LLP offer clients personalized legal advice and representation in this area. Located in Brockway, PA, these skilled and compassionate estate planning attorneys are well-equipped to guide you through the will-making process. Call their office today at (814) 268-2202 to schedule a consultation appointment. For more information, visit them online now.