What My Family Needs to Know

Many times, wills are used to keep beneficiaries from their own weaknesses. You can arrange that your profligate sister to only get a fixed amount of money each year. Or you might give your children control of their assets in stages of their lives. For example, the first one-third of their inheritance becomes available at age 25 with the remainder available in equal disbursements at ages 35 and 45. Usually, these goals are accomplished by using your will to set up trusts. If you do, you also will need to name a trustee. For more information on setting up a trust you can Download the Complete Living Trust Package.

There are also other key non-material benefits to having a will. First, if you have children, your will allows you to name a guardian or guardians for them. Otherwise the court decides. You also name the executor of your will, who not only helps shepherd your assets through the probate process, but who serves as your team's quarterback for all other aspects of your estate (insurance policies, trusts, etc.).

Learn everything you need to know on informing your family and creating your own will by: Downloading the Forms and Guide to Creating A Will.