Did you know that some people create several wills over their lifetimes? When the contents of a will no longer meet their needs, many people just make a new one.
You do not need to make a new will every time your life undergoes significant changes. Instead, you can update your existing document to cover your current needs. Since making a will is often the first step in estate planning, use the tips below to create your first and possibly only will.
Make an asset list
Your will is only as effective as its contents. Overlooking assets, even small ones, can leave your family and your estate administrator wondering how to address them. If you list your assets in detail, you have a better chance of including them in your will.
Make a list of debts
List your debts and liabilities in as much detail as possible to aid your estate administrator in paying them off. Include the names of the people, agencies or companies you owe and the terms associated with paying these debts.
List your heirs and beneficiaries
Contrary to belief, it is easy to overlook individuals you want to include in your will. Write down the names of everyone you want to benefit from your estate. It is also an ideal time to make a list of candidates you believe will be able to serve as your estate administrator.
Determine your objectives
After making your lists, it is time to decide how to distribute your assets and to whom they will go upon your death. Most people prefer to work with an estate planning advocate when making these decisions. Professional guidance ensures you overlook no asset, debt or beneficiary.
Increasing your understanding of Virginia estate planning and will laws can also ensure your final will meets your and your family’s needs.