What You Should Know Before Making a Will

A last will and testament is an important document that states what your wishes are upon your death. Once you have died, these wishes will be carried out by your relatives or people who you have made beneficiaries of your will. If you want to dictate how your assets are handled upon your death, making a written will is one of the only ways to do so, which is why you might want to consider creating one as soon as you have the time. Before you start, there are a few things that you should know.

Know State Rules Pertaining to Wills

Each state has its own set of rules in regard to setting up a written will, which is something you need to be aware if you want to be sure that the document is legally binding. If you require assistance with ascertaining the laws in your state, an estate planning lawyer in Las Vegas may be able to help you. Wills that are written by hand may require witnesses or an estate tax could need to be paid on your overall assets. Understanding these rules before making your will should help you avoid mistakes.

Identify Your Beneficiaries

If you have a large number of separate accounts that hold some of your assets, such as a money market account or certificate of deposit, make sure to assign beneficiaries to these accounts if you want to be certain that someone will be able to receive these funds without being required to go through probate court, which can make for a lengthy affair. These beneficiaries can include practically anyone, such as friends and relatives.

Focus on the Details

Try to be as specific as possible when making your will, which means that you need to focus on the details. You will need to write down your name as well as certain statements like “I declare that this is my last will and testament” if you want the will to be valid. Make sure to appoint a guardian for any minor children and always use the full names of your beneficiaries.