A will is the core of a well planned estate. It is the document that allows you to choose who gets your property and who becomes the guardian of your children. Without a will, the state selects who will raise your children and pets and who inherits your estate. With your children's custody and family's financial security on the line, it is easy to see why a will is the foundation of estate planning. To see how your or a loved ones estate would be divided without a will please use our Inheritance Calculator.
You can't just write a will on the back of an envelope and be done. There are laws that need to be followed to ensure that a will has been validly created. These laws can vary depending on where you live. This means that it is crucial to get expert help when preparing your will. Please have our Network contact you to lean more about preparing your will. If you are concerned about the cost of a will and other estate planning tools, remember that if the will is not validly created it is as good as having no will at all.
A will also allow you to choose the person who will manage the transfer of your property when the time comes. This person is known as the executor and can be a family member, a friend or a lawyer or other professional. This is very important. In fact, even if you have used our Inheritance Calculator and are satisfied with how your assets will be distributed without a will, Inheritance Network always recommends appointing an executor.
When completed your will should be kept in a safe place where your executor and survivors can easily access it. Inheritance Network suggests that you keep it in a fireproof file box in your home or have your attorney hold it. Finally, Inheritance Network suggests that you review your will annually, when family changes take place (such as marriage, divorce, birth, adoption, death or a change of state residence) and when there are significant changes in your assets or in the law.