Your Will — Easy as ABC
Many people find it easy to delay making a will. They find it easy to procrastinate because they think estate planning is hard. But really, it is not all that difficult — at least in most cases. In fact, creating a will can be as simple as ABC!
Assets. Begin by making an inventory of all your assets: insurance policies, bank and brokerage accounts, art work and other collections, real estate holdings, vehicles, everything you own. Once you have the list, estimate the value of your assets and then deduct what you owe. This will give you a rough idea of the total value of your estate.
Beneficiaries. Whom do you want to receive your assets? First, consider family needs and obligations. Then review your charitable involvements and how a bequest could benefit them, and create a lasting legacy for you.
Confidants. Choose trustworthy persons to provide legal and other professional assistance, as well as a personal representative to help settle your estate. You may also need to select one or more trustees and guardians for any minor children.
Once you have listed and valued your assets, selected the beneficiaries for your estate, and have chosen the key persons to assist you now and after your death, it is time to act. Do not delay. Contact an estate-planning attorney right away and move forward.
While creating a will is easier than you might think, it will take some time. But the end result is worth it. You will be well rewarded with a deep sense of satisfaction … and peace of mind.