There are over seventy percent of people, according to some surveys, that do not have a last will that can be used if they die. Many people do not like to think about dying and will not go and get a last will made. There are others that put it off since it seems like it will happen so far into the future. However, it is a good idea to get a last will made early on in life so that the person does not get so old that the will gets called into question since they might be senile at the time that it was created. In addition, by having a last will created, then it is easy to modify it slightly when children come into the family or other large changes that make the beneficiaries different or the assets expand.
Today there are last will templates that can be used to create the last will for almost anyone. There are some people who have very complex assets and living situations that require professional will creation, but for most, these templates are enough for them to get a solid last will created that will serve them when they are gone. There are three basic main parts to a last will.
The first part is the basic information on that person. The person’s full name and contact information must be in the will. If this contact information changes, then a codicil can be added to the will to update that information.
The next part of the will is a listing of the assets that the person has at the time. The savings accounts, investment accounts, IRAs and retirement accounts, houses, cars, boats and any other assets that the person owns should be listed. Once these assets are listed out, then the third part of the last will can be put in place, which is who will benefit from the assets. Often the spouse and children are the ones who will be the beneficiaries of the will. Sometimes friends will get gifts that are listed in the will as well.
Finally, the last will has a listing of who will execute the will once the person has passed on. The guardian for underage children will also be listed out. If a guardian is needed at the time of execution of the will, there will also usually be a trust account put into place to hold the assets until the children come of age.