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Wills, Trusts...Do I Really Need That Now?
The last will and testament is a document that allows you to decide who will inherit your assets after you die. You get to select your heirs and what they each will receive. You need to create a list of beneficiaries (people who will inherit your property and can also include organizations including nonprofits).
List all the details of who you want to pass your assets on to. You can leave everything to one person. You can divide your belongings among various people and they certainly do not have to be related. List who you want to have specific pieces of physical property to (the grandfather clock, the art on the bedroom wall, etc).
Also name an executor - a person who will be responsible for distributing your assets in accordance with your wishes. The important criteria is that you trust they will truly do what you have written. You also want to be sure that they are willing to take on the task. You can name a "second place" executor or a co-executor.
You should regularly review the will and make changes. Life changes. People in your life changes. Your assets change. What you write today is great in case you were to die soon. Do not assume that you have X number of years before your death. Write things down. Talk about them. And then regularly redo it.
At the same time you should appoint a POA or power of attorney. This document authorizes someone else to make business, legal, and financial decisions on your behalf if you become unable to manage your own affairs. Make sure you understand the requirements in your state of residence to be sure that your POA form is valid.
The POA will protect you during your lifetime and the will provides protection after your death. Together they create an umbrella of protection for your assets.
Do not keep saying that you WILL write a will. Do it now. At least create a simple will. You can do this with free online sources or some very low cost options. Dying without a will is not a good thing. No one will get what you had planned. Have a pet? Have a car? Or do you have a minor age child? You owe yourself the clarity that a will allows.
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We have countless jokes online and in person about nonstop phone calls at all hours begging you to extend your car warranty - even when you don't own a car! But we don't talk about death. AND we all have death in common!
Upon death, even if your legal paperwork is completed will there be problems? Tell others about your wishes. Make changes as often as you want but be sure your loved ones know. Problems arise when loved ones disagree. Money can do that to wills.
You don't have to discuss death daily. Yet you need to face that we all will die. Give yourself a rest sometimes but remember that each day is precious.