When should you become exclusive when dating
One of the most important things your will can do is empower your executor to pay your bills and deal with debt collectors.Make sure the wording of your will allows for this, and also gives your executor leeway to take care of any related issues that aren't specifically outlined in your will. If you wish to leave certain personal property to certain heirs, indicate as much in your will.
Estate planners almost universally advise against joint wills, and some states don't even recognize them.If your affairs are complicated, it might make more sense to name an attorney or someone with legal and financial expertise.You can also name joint executors, such as your spouse or partner and your attorney.That usually means your estate will be settled based on the laws of your state that outline who inherits what.Probate is the legal process of transferring the property of a deceased person to the rightful heirs.If you aren't familiar with them, consider consulting a knowledgeable lawyer or estate planner in your area.
Before you do, brush up on these 10 things you should know about writing a will. A will is simply a legal document in which you, the testator, declare who will manage your estate after you die.
After all, by doing so you're not only acknowledging your own inevitable demise but actively planning for it.
That might explain why so many adults avoid this cornerstone of estate planning.
And while you're working on your will, you should think about preparing other essential estate-planning documents.
"When you create or update your will, that's also a good time to think about other advance-planning tools like financial and health care powers of attorney to ensure that your wishes are carried out while you're still alive," says Naomi Karp of AARP's Public Policy Institute.
According to an AARP survey, 2 out of 5 Americans over the age of 45 don't have a will.