What is a Will? Succession Planning or Estate Planning Basics

Howdy Wall St. Willy! All this Halloween spooky stuff is making me think about death. So, what will happen to all of my stuff if I die?

Well, you can always have a will.

What is a will?

A will is a document that your write which states all the people who will get your assets and also who will get the custody of your kids after you die.

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Well, who needs a will?

Everyone who owns valuable assets or has children under 18 years old will need a will.

How do I create a will?

You can create a will yourself but the laws around wills can be very complicated. So, it’s best to do it with the help of a lawyer or by using online will creation services.

Well, when should I create a will?

The earlier you create a will, the better. But as soon as you have valuable assets like a house or car or have kids, its best to create a will if you don’t have one already.

Well, overtime can I change who gets my stuff?

Of course, you can. You can change who gets your stuff as many times as you want.

How many wills can I have?

Well, you can have as many wills as you want but when you die, the latest will will prevail and everything will happen to your stuff as per that will.

Well, is there anything else I need to know about a will?

It is very important to perform periodic review of the will every one to two years because there could be a change in the stuff you own or in the people you want to give your stuff to.

Thank you very much for telling me about a will, Wall St. Willy.

You are welcome, Sooper Cooper. Remember, Finance is Your Friend!

Podcast: What is a Will?

Will Estate Planning Succession Planning
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