No one ever wants to think about the time when they are no longer going to be here. They want to think about the here and now and enjoy life as it comes. However, you don't want to go through life without preparing a will and planning for the inevitable. Even though you might not want to think about it, you need to make sure your possessions and your children, if they are minors, are taken care of when you are no longer here to do so. Here are some of the top considerations you need to think about when preparing your will.
Who the executor is going to be.
When you are married, the executor is often your spouse. However, you can also include your children, siblings or even a bank as the primary executor. Many people choose a bank or someone outside of the family as the executor just in case everyone in the immediate family were to pass away from some unforeseen disaster like a fire, flood, hurricane, car accident and so on. It is important that you choose someone you can trust that you know is going to distribute your possessions appropriately.
Whether there will be provisions for your grandchildren.
Another thing to think about when your children are grown is whether you are going to leave money to the grandchildren or not. If you do want to leave money specifically for your grandchildren, you can always do something like an educational trust or have a number of stipulations that must be met before the grandchildren are able to receive their inheritance. You can dictate how you want the funds spent and when they are eligible to receive them in their own hands.
Whether charitable contributions will be made.
Another thing to think about is whether you are going to leave money to different charities that you have supported over the years. Make sure to dictate how much and to whom you want the money sent. This will make sure that those charities that you supported and loved are still taken care of even when you aren't around to be able to do it yourself. You can make a one-time payment or have a trust account set up that continues to donate so much per month like you did in the past.
By considering the three things above, you can begin drafting your will and making sure it has all the necessary provisions in place.
Contact a business like Wright Law Offices, PLLC to learn more.