Regardless of how old you are, how much wealth you have, and where you are at in your career, it is recommended that every person have a last will and testament. If you are about to embark on the estate planning process and intend to start it off by creating a will, there are a few key things you should make sure to include in this important document:
• Real property—This type of property refers to any homes or buildings you own as opposed to regular belongings. While it may be more difficult to leave “real” property to a friend or family member in your will than a single item, it is important to do so as part of the estate planning process so your wishes are honored after you pass away.
• Assets—Your will is where you can formally leave bank accounts, artwork, furniture, and any other items you own to friends and family members. As you outline your assets in your will, make sure you are specific about who gets what and describe the items you are leaving to your heirs in detail.
• Guardianship—If you are a parent, one of the main reasons why you will want to start estate planning and create a will is to establish guardianship. Simply put, when you establish guardianship in your will, you determine who will take care of your minor children if you were to pass away. This ensures that your children go to who you want, instead of the closest living relative, in the event of your death.