Why do we write our Wills and Trusts? For the same reasons we have done most other important actions, because we are motivated by love of family. We love our children and spouses and grandchildren so much that we want to take care of them even after we are gone.
What is involved in writing a will? We have to know a little bit about ourselves. For some people this is a challenge because they don't think about what would happen if they were gone. Its not a natural thought. Its not a comfortable feeling. But its an absolute must on everyone's bucket list.
First, we have to know who will benefit from our wealth and to what proportion. Secondly, We take inventory of our assets and liabilities. This implies we have a good handle on what we own and how it is titled. The preparation to write a will or trust is a good review of our financial affairs.
Thirdly, we want to know who we will name to take charge of our estate when we are gone, known as a Personal Representative or Executor.
Different people have different issues, and needs vary, but I hope this article helped you start to think about it.
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