Creating a will is a fundamental act of stewardship. It’s a way to thoughtfully prepare for the future, both financially and emotionally.
Imagine the responsibility of passing on a treasured family heirloom like a piece of jewelry or a collection of photographs. Without clear guidance, your loved ones may be left guessing about your wishes.
But a will provides clear instructions, eliminates confusion, and protects the people you care about most.
A well-drafted will:
- Avoids legal confusion and the costly, time-consuming delays of the probate process.
- Ensures your wishes are clearly communicated and legally honored, so your assets are distributed exactly as you intend.
- Protects your loved ones from having to make difficult and emotional decisions during an already challenging time.
- Empowers you to care for the next generation, including naming guardians for any minor children.
What to Include in Your Will
While every will is unique, a solid document contains a few key essentials. Here’s a guide to what yours should include to ensure your wishes are fully understood and carried out. (See our other resource: Do I Need a Will?)
- Executor Appointment: The executor is the person you choose to be responsible for managing your estate. They will pay any debts, file necessary tax returns, and ensure your assets are distributed according to your instructions. It’s important to choose someone trustworthy, organized, and capable.
- Asset Distribution: Be specific and clear about how you want your assets to be distributed. You can make specific bequests (e.g., “my classic car to my niece”) or a more general plan for the residuary estate (everything that remains after specific bequests and debts are handled). Clarity here helps avoid disputes and family conflict.
- Charitable Contributions: If you wish to support causes you care about, your will can include tax-efficient charitable gifts. This is a powerful way to align your final wishes with your values and make a lasting impact.
- Trust Provisions: Depending on your circumstances, your will may need to set up a trust. This is often a good option if you have children, a dependent with special needs, or a substantial inheritance that you want to manage over a period of time.
- Guardianship Provisions: For parents of minor children, this is arguably the most important element of the will. You can designate who will care for your children should you be unable to. Be sure to include alternates in case your first choice is unable to serve.
- Funeral & Burial Wishes: While not legally binding in all states, including your wishes for funeral, burial, or cremation provides helpful guidance and removes a heavy burden of decision-making from your loved ones.
Your Will as Part of a Comprehensive Plan
A will is the cornerstone of an effective estate plan, but it is just one piece of the puzzle. At SageSpring, we work collaboratively with estate attorneys and other professionals to ensure that your will, trusts, and other financial strategies work in harmony to fulfill your long-term goals.
If you have yet to create a will, or if your current one hasn’t been reviewed recently, now is a great time to take this important step. Learn more by reading: How Often Should You Review Your Will?
Contact us with more questions.
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