Making a Will – 10 Facts You’ll Definitely Want to Consider

The pandemic has changed people's thinking on many things, not the least of which is estate planning and making a will. Making a will is not the most exciting topic, and it forces you to face your mortality.

But whether there's a pandemic or not, it's highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen. Before you sit down to plan your estate, here are ten things you need to know.

1. What happens if you pass away without a will?

If you pass away without a will, you and your loved ones will not be in charge of how your assets get distributed. Dying intestate means the state courts will decide who gets your belongings and who will become guardians of your children.

This isn't quite as scary as it sounds, but you do need to be aware that some assets are passed on outside of the will, regardless of what you put in writing.

2. Some assets are distributed regardless of what your will says

3. You can set up a will for free, but beware of the limitations

If you search online, there are many free or low-cost templates you can download to make a will. But be aware that these forms will not necessarily comply with all the specifics of your state laws.

Making a will is just one part of the estate planning process. There are often other legal documents you will want to have on hand and helpful instructions for your loved ones.

4. There are other documents you should consider besides just a will

One document you may want to consider is a living will. This is an advance healthcare directive that outlines your wishes should you be unable to make those decisions.

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