They don’t need to be listed in your will. List Assets & Possessions: Certain assets require named beneficiaries and transfer directly to those beneficiaries upon your death-think life insurance policies and retirement accounts. It’s also important to include contingent beneficiaries in the event of a primary beneficiary’s death. Anyone can be a beneficiary, not just family. ![]() who is first in line to receive your estate’s assets and other possessions. Assets placed in a trust are generally safe from creditors and can be sold by the trustee in short order, avoiding the lengthy and costly probate process. Identify Primary Beneficiaries: A primary beneficiary is a person, organization or trust A legal document that functions as an instruction manual to how you want your money managed and spent in your later years as well as how your assets should be distributed after your death. Assets placed in a trust are generally safe from creditors and can be sold by the trustee in short order, avoiding the lengthy and costly probate process.) is responsible for administering your estate after your death. Other titles for this role include estate administrator, personal representative or trustee (for trusts).: An estate executor, personal representative (or trustee for trusts A legal document that functions as an instruction manual to how you want your money managed and spent in your later years as well as how your assets should be distributed after your death. Name an Estate Executor An estate executor is responsible for administering your estate after your death, and has a fiduciary obligation to act in the best interests of your beneficiaries. There are many components to creating a legal will, including: This process is known as intestate succession, and should be avoided. Without a valid will, a probate court determines your children’s guardian and who your heirs are, i.e., who receives your money. It’s also used to name guardians of minor children. A will is an opportunity to express your final wishes, support loved ones and continue your legacy after your death.īefore reviewing what to include in a will, let’s clarify what a will is and why you need one.Ī will is a legal document (aka last will and testament) specifying what you want to happen with your assets and other possessions after you die. ![]() This is as true for unmarried couples as it is for families with young children. Instead, write it down on a separate document and let your family and friends know where the document is and talk to them about your specific wishes.Every adult-young and old-needs a legal will. Don’t put your funeral and burial wishes in your Will. Wills can take a long time to find after someone dies-and funeral arrangements can’t wait. Pets can’t legally own anything! If you want to leave things or money to your pet, leave them to the person you named in your Will to take care of them. ![]() ![]() This is called the right of survivorship. If you are a joint tenant of any asset (like real estate property, or a bank account) your co-owner automatically gets 100% of the asset when you die. When you die, your insurance payout automatically goes to the beneficiaries designated in the policy-without any direction from your Will.Īs with life insurance policies, pension plan policies also typically already have beneficiaries named. Your life insurance policy may already name one or more designated beneficiaries.
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