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MONEY MATTERS: Drafting a will, selecting beneficiaries

Updated: May. 11, 2021 at 12:03 PM EDT
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COLUMBIA, S.C. (WIS) - It’s important to plan to make sure your loved ones are taken care of after you pass away. When that time comes, you don’t want them stressed or scrambling to get your affairs in order.

When you pass away you don’t want to leave your loved ones stressed or scrambling to get your affairs in order. When should you write your will? What should you include? Josh Bradley of Capital City Financial Partners answers those questions and more today in Money Matters.

What stage in life should we start thinking about drafting a will?

“You should definitely start to think about a will anytime you’ve got a big life event coming up ... you should definitely have a will in place to determine where those assets go. "

What are some things to include in a will and maybe things to leave out?

“The biggest thing I focus on is guardianship. Who cares for your kids; those could be the furry ones as well. You want to talk with those folks to make sure they’re willing to take on that kind of responsibility. They second thing you want to do is name an executor. This is the person that’s responsible for taking your will and splitting up the assets based on what you wanted them to do. The last thing you don’t want to include in your will is things like your brokerage accounts, investments, insurance policies ... those should have a beneficiary listed on them so they can completely avoid probate altogether.”

How do we select beneficiaries?

“It purely comes down to what you want your beneficiaries to receive. So, sit down and decide who gets what and how and consider each of your beneficiaries’ situations. It may be more advantageous to leave certain assets to certain beneficiaries.”

For more information and resources to make your Money Matter visit www.capitalcityfinancialpartners.com

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