Writing wills should be top priorities for families and retirees. When you know what you can and cannot do with a will, you’re able to craft an effective legal document. Keep the following tips in mind to help you develop this estate plan component.  

Points to Remember When Writing a Will

1. Know What Wills Cover

Wills allow the transfer of assets, including real estate, motor vehicles, copyrights, personal property, and the right to collect rents and royalties.
Beneficiaries of your will can include family members, friends, business associates, and religious, charitable, and educational institutions.

Wills do not cover assets with named beneficiaries, such as insurance policies, financial accounts with pay on death (POD) provisions, and jointly owned property with the right of survivorship.

2. Name a Guardian for Minor Children

If you are a parent of minor children or adult children with special needs, writing a will is the only way you can designate a guardian for them. Consider selecting someone you trust who knows your children and holds values similar to yours in caring for and raising a family. Name an alternate in case your first choice can’t or won’t serve if the time comes.   

3. Designate a Personal Representative

A personal representative is responsible for carrying out the wishes and terms stated in a will. You can designate someone to take the position and state an amount of compensation for their services. It’s a good idea to allow them to hire professionals, including lawyers, accountants, and appraisers, to assist with the probate process.

When you’re preparing to write your will, seek help from Scott & Heenan LLC in Grant County, WI. Featuring a team of lawyers with 50 years of combined experience, this law firm has been providing high-quality wills and estate planning services since 1999. They offer skill, professionalism, and compassion while focusing on your needs and goals. To learn more about their practice, visit them online or call (608) 348-9506 today and schedule a consultation.