According to Caring.com, only 1/3 of Americans have prepared a will. If you are one of the Americans planning for your future, you know that preparing a will can be complex. Your will serves as a roadmap to distribute your estate and express your last wishes upon your death, and it is extremely helpful for your loved ones to have after you pass away.
Yet, even with all of your planning, you may find that your will is not as comprehensive as you initially thought. It is important to know what information you should include and when to update it.
Include all assets
Your will should include a detailed inventory of all your assets. This encompasses everything you own, such as properties, bank accounts, vehicles, valuable collectibles and personal belongings. Leaving out any assets can result in unintended consequences, including disputes among your heirs.
Define clear beneficiaries
It is important to clearly identify who your beneficiaries are. They can be individuals or organizations that you would like to inherit your assets. Be as specific as possible to prevent any ambiguity.
Assign an executor
An executor is the person you entrust with the responsibility of implementing the instructions in your will. This person should be trustworthy and capable of handling the duties involved. Make sure to name an executor in your will.
Plan for all scenarios
Your will should take into account all potential scenarios, including the simultaneous death of you and your beneficiaries or changes in family circumstances. If you have young children, appoint a guardian for them in case you and your spouse die before they turn 18.
Regularly update your will
Your will should reflect your current situation and wishes. As such, make sure to regularly review and update it, especially after significant life events such as marriage, divorce, the birth of a child or major financial changes.
Follow Colorado laws
Ensure that your will adheres to the requirements set by Colorado law. This includes the signing and witnessing process, which, if not properly followed, can result in an invalid will.
Assessing that your will is comprehensive enough is a task that requires meticulous attention to detail. By knowing what to include, you are creating a document that will stand up to scrutiny and provide peace of mind for both you and your loved ones.