Some people even set aside money for the guardians in their will to help with the expense of taking on another person (or more) in their household. And before you make this decision, you should talk to whoever you’re considering to make sure they’re able and willing to take on the responsibility. ![]() These are the folks who will take charge of your most important legacy-your kids-when you’re gone. If you have children who are minors, you’ll need to name their guardians in your will. Attorneys are usually paid to do this out of the funds in the estate, and each state has specific laws about how to handle their fees. Your executor should be a level-headed, ethical and responsible person you trust-someone who isn’t intimidated by strong-willed family members! You may want to choose one of your adult children, a family friend or an attorney to take on the job. They’ll be responsible for paying off all your debts with the funds in your estate, having any property appraised and sold if necessary, delivering property to your heirs, including handling all those special giftings (like your pet or the train set), and reporting to the probate court as required so your estate can be settled and closed. The executor is the person you appoint to make sure your wishes, as you state them in your will, are carried out. If you want it to go to someone else, you’d have to change the deed. If you and your spouse own a home, depending on how you guys hold the title, it may go to your spouse automatically. And your will does not cancel out the selections you made.Īnd remember: Just because you wrote a will doesn’t mean it overrides other things already set in place. You name your beneficiaries when you open the account or buy the life insurance policy. Real and/or personal property goes to heirs, while money from things like life insurance policies, investment accounts and trusts goes to beneficiaries (people or entities). Something that might help to know is there’s a difference between heirs and beneficiaries. Save 10% on your will with the RAMSEY10 promo code. ![]() And there could even be special items you want to leave to certain people-like that vintage train set your kid always wanted to push around the living room growing up. You could decide to leave a chunk to charity. You could leave an equal percentage or set dollar amount to each of your children. Then think about how you want to divide up your assets and estate. Whether it’s one or 20, write down the names of the people you want to get all your stuff. ![]() But making a will also gives you the chance to decide what, if anything, you want other loved ones to get too. If you’re happy with it all going to your spouse, that’s fine. Drill down and decide who gets (or takes care of) what. Who do you want to get your stuff? Think about your spouse, your children and your extended family. This will help your executor (the person who carries out the wishes in your will) when it’s time to distribute your assets (aka your stuff) and save your family from unnecessary stress. (If you have stuff, you have an estate.) Go ahead and pull together the paperwork for your home and any other real estate you own, along with life insurance policies and bank and retirement accounts.ĭo you have a car, beloved pet Fido, or rare book collection you want to go to a specific person? Include it in your will. It’s time to think specifically about your belongings, savings and estate.
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