It is important to follow your state's legal requirements when creating this paperwork by yourself. Although specific stipulations vary between states, their processes share the same general steps. Clearly identify the document as your last will and testament. Most states do not require any specific wording, but it must be unequivocally clear that you intend for this document to be your will. Many begin with simply stating, "This is the last will and testament of [your name]," followed by the date.
You might also want to include a sentence revoking any and all previous versions you've drafted. The executor should be someone you trust to fulfill your last wishes. This person is responsible for collecting your assets and distributing them to the correct people, paying any remaining debts, and settling your estate.
It is good practice to name a backup executor in case your first choice is unavailable or does not accept the role. If you have any minor children, you can name a guardian for them in your will. If you do not have minor children, you can skip this step. The guardian takes legal and physical custody of your minor children when you die. A safe deposit box could prove challenging for your executor to access, so a better choice would be a fireproof document box or safe that you keep at home.
And don't forget to review it every few years and make any necessary changes. Yes, it's a hassle, but remember that you're not doing this for yourself -- you're doing it for the people you love. Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Investing Best Accounts.
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Make sure to discuss this decision with both your children and the potential guardian, and consider naming an alternate guardian should something happen to your first choice. Beneficiaries are the people who stand to inherit your assets after you die.
Your beneficiaries may include your spouse, children, relatives, and close friends, among others. Make sure to include the full names of your beneficiaries in your will so as to leave no doubt as to their identity.
Whatever you do, don't name your pet as a beneficiary. Instead, designate a person to care for your pet. Make a list of your assets and decide who will inherit what. If you plan to disinherit a family member , make sure you name the person in your will and the reasons behind your decision, if you so choose. Should you wish to disinherit your spouse, consult with an attorney when drafting your will. Under some state laws, the surviving spouse has the right of election, which means they are entitled to take a percentage usually one half of the estate.
Some assets, such as a life insurance policy, that name a beneficiary are not part of the will and must go to the designated person. After you've finished writing your will, ask two persons to serve as witnesses. The witnesses must be over 18 years old and not be beneficiaries in your will. NW, Washington, DC , or email askourexperts aarp. Go to aarp. Visit the AARP state page for information about events, news and resources near you. You are leaving AARP.
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