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The basics of creating a will

When it comes time to create a will, you don't want to leave anything out. You need to make all the right decisions at the right time.

There is no denying the fact that you need to make unique decisions based on your personal situation. However, there are things that everyone can do to get on the right track.

Here are some basics of creating a will:

-- Take inventory of everything of value that you own. This is the property you will pass on to your heirs.

-- Name your heirs. To whom will you leave your assets upon your death?

-- Name an executor. This is the person who is responsible for carrying out the wishes outlined in your will. Since this is such a big responsibility, be sure to choose someone you can trust.

-- Store your will in a safe place. Along with this, make sure your executor knows where to find it.

-- Review your will once a year. Since your situation can change, it's important to review your will annually. If you need to make any changes, don't hesitate to do so. Waiting around is a risk that you don't want to take.

Once your attorney creates a will, you will feel like the weight of the world has been lifted from your shoulders.

While the process may seem daunting, it can be quite simple if you take the right approach. As long as you make the right decisions and realize that your will may need updating, you can always be confident that you have the right estate plan in place.

Source: The Center for Economic and Entrepreneurial Literacy, "Five Simple Steps to Writing a Will," accessed June 22, 2016

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