Wills
A will is a legal document that specifies the distribution of your assets when you pass away. Even if you are single or have modest resources, a will is still an important tool for managing your money and belongings during your lifetime and beyond. A will is particularly important for parents with young children, as this is the easiest way to provide for the guardianship of minors.
The rules governing a will vary from state to state, but a few basic principles apply:
- Your beneficiaries. These are family members, friends, or charitable organizations who will receive your assets according to your will.
- A guardian is someone you may nominate who will be responsible for the care of your child if you and your spouse die before the child attains 18 years of age.
- An executor. This is the person or institution of your choice named in your will that collects and manages your assets, pays expenses and any taxes that might be due, and then distributes your assets to your beneficiaries in accordance with the provisions of your will.
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