Things To Include In Your Last Will And Testament
There is no better time than right now to get your last will and testament put together. You do not want to wait too long because you just never know when tragedy might strike. Too many people think that there is no reason to tend to the creation of their will right now because they expect that there will be so many changes in their lives in the coming years. While that may be true, you should be revisiting your final wishes every couple of years to make updates and changes as needed anyways. When you do sit down to fill out your will, you will want to make sure that you include the following:
Who Will Receive Custodianship Of Your Children?
Even if you are married, you have to take into account all of the various situations that can happen. Sure, if you pass away while your children are still minors, they will continue to be raised by their other parent. If that parent dies with you, such as in a car accident, who will take care of the children then? If the other parent is not in the picture, they might step up to the plate but they could always opt not to. You need a plan for all scenarios.
Who Will Receive The Life Insurance Benefits?
Whether you have one life insurance policy or several of them, you need to make sure that your family knows about them and who gets the benefits. Though the beneficiaries are usually listed on the policy itself, the insurance company is not going to track them down. Rather, the beneficiary has to contact them in order to cash in on the policy. If the beneficiary does not know about the policy or which company holds it, all will be lost. Therefore, you will want to include the name of the insurance company and the names of the beneficiaries within the last will and testament.
What Do You Want To Have Happen With Your Body?
Some people want their bodies donated to science, if possible. Then there are people who want a big fancy funeral and to be buried in a cemetery. Of course, you then have the people who want nothing more than to have a simple service and to be cremated. What would you like to have happen when you pass away? It is important to make your wishes well known by including that information in your will and by verbally telling your family.
Talk with an attorney to learn more about what you may want to include in your last will and testament. A firm like Wright Law Offices, PLLC can provide more information.