A will is an essential estate planning document. The advantage of having a will is that it gives you the decision-making power for your family and assets after your death. In your will YOU decide:
Who you want to distribute your assets and personal property to?
If you establish trusts through your will, who will administer them?
Who will raise and care for your children?
Who will provide for your elderly parent, a disabled adult child, or charities you love?
Who are the beneficiaries of your estate?
If you are interested in creating a will, here are a few things to consider:
Who will be guardians of your children?
Decide who you would like to care for your children should you and your spouse pass. By naming guardians (and alternate guardians) in a will, you can ensure that your children are cared for by the people you trust most.
Who will be in charge of managing your estate?
The executor of a will is the person in charge of the management and distribution of an estate. A successor executor should also be named should the first executor not be able to perform the duty for any reason.
Who will receive your assets?
Have the names and current contact information of the people to whom you plan on leaving your assets. Also be sure to include any charities that you would like to support through your will.
Do the beneficiaries of financial accounts and investments correspond with the beneficiaries in your will?
To ensure that your assets are passed along according to your wishes, coordinate the beneficiaries on your financial accounts and investments with your estate plans.
Who needs a will… in a word: everyone! Your will is the cornerstone of your estate plan. No matter where you are in your life journey, it is important to plan ahead, be prepared and build a legacy. The choices you designate in your will give your executor the direction to distribute your assets as you wished and lessens the burden on your loved ones during a difficult time.
The information provided is general in nature, educational and is not intended as either tax or legal advice. Consult your personal tax and/or legal advisor for specific information. Covenant Trust is incorporated in the State of Illinois and is supervised by the Illinois Department of Financial and Professional Regulation. Covenant Trust accounts are not federally insured by any government agency. Clients may lose principal as a result of investment losses.