What is a will?
A will is a legal document that dictates who will manage your estate after you die. An estate encompasses more than just your home. It also includes big and small items, from sentimental photographs to works of art and furniture. You can split everything on your will between different beneficiaries. That way you can make sure certain people receive specific items.
If you have certain wishes in regards to who should become the guardian of minor children, you can also state this in your will.
However, there are certain things that your will cannot cover, such as some insurance policies or retirement accounts. When you open these accounts you may name certain people as your beneficiaries. If you haven’t yet, it’s not too late. It’s important to keep this list up to date, so check your policy and ensure those accounts will be taken care of after your passing.
The person who will manage your estate will be known as an executor– they will, therefore, execute your wishes.
