If you are completely new to estate planning and the creation of wills, the following are a few steps you will want to take:
- Consult an attorney: An estate planning lawyer will have a thorough knowledge of wills, trusts and other estate planning documents. These professionals can help you create a will that is airtight and will hold up to any potential challenges to its validity.
- Choose your beneficiaries: Your beneficiaries will most likely be your spouse, children, other family members and friends. You might also select charities, businesses or other potential beneficiaries. You get to choose who gets what.
- Choose your executor: Also known as an estate administrator, the executor is in charge of making sure your will is carried out according to your wishes. Your executor should be someone you trust. Most people choose a spouse or one of their kids.
- Select a guardian for children: In all likelihood, your guardian will never have to take up his or her responsibility. However, in the event something happens to you and your spouse and you leave behind minor children, you will want to have an appointed guardian who you believe is capable of parenting them according to your wishes. Make sure you have spoken with your chosen guardian about this decision.