Chandler, AZ Wills

How Are Wills Created?

While the details can vary greatly from estate to estate, there are five general aspects of will creation. They include:

• Making a List of Your Assets – Assets can be tangible and intangible items, including vehicles, homes, life insurance policies, bank accounts, and many others. If an asset is not included within a will, the court will decide how to distribute it.

• Selecting Heirs and Beneficiaries – Once you’ve listed all assets, you’ll need to think about who should receive them. This can include heirs, which are family members, or other beneficiaries, which can be friends or even charities you feel passionate about.

• Dividing Up Assets – You’ll also need to consider how much of each asset your heirs and beneficiaries will receive. Fair division of assets can help your loved ones avoid conflicts related to your will.

• Choosing an Executor – An executor is the person responsible for carrying out all tasks related to your will. This includes locating assets, paying off creditors, and providing assets to heirs and beneficiaries according to your wishes.

For families with minor children, you can also use a will to pick a guardian. This person will assume responsibility for your child, including overseeing their financial needs. Without a guardian, the decision of who will take care of your children will be left to the state.