Estate Planning 101, What is a Will?

A Scottsdale will is legal document that lets you tell your family and who will receive which of your assets after your death. A Scottsdale will also allows you choose guardians for any of your dependent children, if they are under the age of 18 at the time of your death. There are some things to be sure you have in order when creating a will.

1. Be sure that your beneficiary designations are up to date and reflect what you would like to happen once you die. This means that if you marry and choose your spouse to receive your retirement money or life insurance, but then you get divorced and re-married, you will want to make sure you up date your retirement and life insurance plan naming your new spouse as your beneficiary.

2. A Scottsdale will also allows you to name an executor, which is someone who will be in charge of your estate. This means that the person you name as an executor will be in charge of distributing your property and filing tax returns.

3. Be specific as to where you want your assets to go. You can name your children or grandchildren to receive so much money at a certain age, state that you want your money to go to a charity you support, you want your vehicles and heirlooms to go to someone specific. This is important because if you do not have a Scottsdale will or state specifically in your will who will receive your assets, then the state will either disburse your assets in half between your spouse and your children or the state will hold an estate sale.

4. When you are ready to create a will, create a list of all of your debts, assets, family heirlooms, and other things you own with value. After the list is made break it down as to who will receive what. This list will make creating a will a lot easier, so you are not guessing what all of what you have and who will receive it.

5. If you decide to change your will later on you can make changes or add-ons using an amendment known as a codicil.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.