If you have yet to start estate planning by creating a will, you are not alone. According to a survey conducted by Caring.com, only 6 out of 10 adults in the U.S. have created this essential estate planning document.
It is never too early to create your will. When drafting this document, include more than just how you wish to divide your assets after your death.
The name of your executor
Your executor is the person responsible for carrying out the directions outlined in your will. Choose someone you trust who can provide unbiased oversight while distributing the assets included in your estate and managing other issues.
A guardian for your children
If you have children under the age of 18, your will is where you name a guardian for them. As you choose a guardian, pick someone who can provide good care to your children if you were to unexpectedly die. This person should also be willing and able to take on the responsibility of raising your children after your death.
Details about asset distribution
Your will should go over who receives what from your property and savings after you die. Your assets include items such as your home, cash, investments and significant memorabilia from your life or the life of a relative.
You should also include instructions about how to manage your digital assets after your death. For example, you should outline who should deactivate or delete certain accounts or who should receive certain digital assets, such as pictures, when you die.