For most people, the first step to estate planning is drafting a will. This sets in motion the distribution of your assets should you become incapacitated. You can leave an inheritance behind for the people you treasure, such as your family and close friends.
However, besides this fundamental aspect of a will, there is so much more that it can do for you. Outlined below are some of the functions your will can serve outside of allocating property and finances to your loved ones:
Nominating a guardian for your children
While money will certainly help your children in the future, they also need a stable upbringing. If you’re not around to supervise this, then who is going to take your place? In a will, you can nominate legal guardians for your young children.
Your chosen guardian could be a family member or close friend who also has children. What’s important is that it is a person you can trust to bring up the children in a way that you see fit. Remember, you are not limited to naming one guardian, you can also have alternatives in case something unexpected should happen such as your first choice refusing the responsibility or falling ill.
Giving to your favorite charity
Throughout your life, you’ve always tried to give back to the community. Charitable endeavors have always been close to your heart, and you want this to remain part of your legacy. A will allows you to do this. You can name your chosen charitable organizations as beneficiaries so that your name lives on in their future.
To find out more about estate planning, it may benefit you to seek some legal guidance. This will also help ensure that you take all of the appropriate steps when planning for the future.