A list of your debts (mortgage, credit card debt, car loans, etc.).A list of the significant assets you want to leave your heirs.A list of beneficiaries (can be individuals or charities).If necessary, attach a letter to the will to explain why certain decisions were made in the will.” This will help alleviate any confusion or tension about your decisions. Jim Revels, CPA, member of the American Institute of Certified Public Accountants' Personal Financial Planning Executive Committee, recommends that you “explain what your will says to your beneficiaries and why it is drafted that way while you are still alive. That way, everyone is on the same page, and you can address any questions. Once you've established your will, you'll want to sit down with your family and inform them of what to expect in your will. Surprises are fun, but when it comes to being named an executor of a will, it is best to know ahead of time! Many older adults choose their eldest or most responsible adult child. It is important to name someone you trust as the executor. ![]() The executor will be the person who makes sure the wishes in your will are carried out. In addition to declaring your wishes regarding your estate, another critical element of a will is naming the executor. Let's take a deeper dive into each element.Ī will, traditionally called a testamentary will, is a legal document used to transfer the estate to beneficiaries after the death of the person who enacted the will. Addressing these factors in your estate plan allows decisions to be made on your behalf by the right people and ensures your assets are protected and distributed correctly. When it comes to an estate plan, there are four elements you want to address: Your will and trusts, a living will and healthcare power of attorney, a financial power of attorney, and beneficiaries. ![]() The Four Important Estate Planning Factors
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