10 Little-Known Facts You Need to Know About Making a Will

Making a will is not the most exciting topic, and it forces you to face your mortality.

According to one study, over 68% of Americans do not have a will.

It’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen.

Before you sit down to plan your estate, here are ten things you need to know that you might not have considered.

1. What happens if you pass away without a will?

Dying intestate (i.e., without a will) means the state courts will decide who gets your belongings and who will become guardians of your children.

2. Some assets are distributed regardless of what your  will says

This isn’t quite as scary as it sounds, but you do need to be aware that some assets are passed on outside of the will.

Some examples include:

401(k) plans

Individual retirement accounts

Life insurance policies

The person named as the beneficiary on these types of accounts will generally receive the asset regardless of what your will states.

It’s a good idea to check the beneficiary on your accounts every few years, especially during significant life changes.

3. You can set up a will for free, but beware of the limitations

If you search online, there are many free or low-cost templates. But be aware that these forms will not necessarily comply with all the specifics of your state laws.

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