A will is an estate planning document that allows an individual, known as the testator, to design the legacy they leave. It describes how you will distribute your wealth, assets, and possessions after you pass. These legal documents can be quite confusing, so review this guide to ensure you don't leave anything out of your will. Also consider adding some additional estate arrangements, such as living wills and trusts, that are central to a comprehensive estate plan.

What Should You Include in Your Will?

Executor

Naming an executor should be one of the first steps you take when writing a will. The executor is a trusted individual who will oversee the process of resolving your estate. They serve as your representative after you’ve passed, ensuring everything is carried out according to your wishes. This individual handles responsibilities like notifying beneficiaries, closing out financial accounts, and paying the estate's debts and taxes.

Inheritance

A will should also include all the people you want to inherit your belongings, and what belongings they should receive. If you would like your assets to be divided among heirs, leave detailed instructions on how those assets should be divvied up to avoid disputes. If you want certain persons or organizations to take items not claimed by your heirs, specify the names of these recipients in your will.

Other Arrangements

If you have funds set aside for your funeral or estate-related taxes and debts, include information about how to access these funds. If you have minor children or pets, be sure to address who you want to assume guardianship. You can also direct guardians to funds you have reserved for care and support costs.

What Documents Should You Have in Addition To a Will?

Living Will and Trust

These measures ensure your family doesn't have to make difficult decisions for you, keeping you in control of your life and assets. A living will allows you to determine what life-prolonging medical care you should and shouldn't receive if you can no longer make that decision yourself. A trust allows you to transfer ownership of your property to a trust while you're still living. Then, upon your death, the property transfers to your stated beneficiary, avoiding the lengthy probate process to which all standard wills are subject.

Power of Attorney

In addition to living wills and trusts, you might also consider a power of attorney. This individual will handle your financial and legal affairs if you can no longer handle them on your own. As with an executor, you should choose someone mature and trustworthy who you are confident can manage the demands of the role.

When you need to design living wills and trusts, contact Riggs, Ellsworth & Porter, PLC. Serving the Show Low, Snowflake, and Eagar, AZ, areas, they offer legal representation in estate, family law, bankruptcy, and work and personal injury cases. Let them put their years of knowledge, experience, and compassion to work for you. Call (928) 537-3228 or visit them online to schedule a consultation.