I must carefully consider my choice for my child's guardian

When creating a will, you will choose a guardian, or guardians, for any children under age 18.

While some people choose a fumily member, it's also common to choose another couple-perhaps good ftiends-that has kids the same age as your child.

Choosing people for these important tasks often makes us ponder topics that can be difficult to discuss: Can I trust the guardian(s) to carry out my wishes? Will my children grow up in an atmosphere that reflects my values regarding education, religion, etc.?

The bonom line? You want your wishes honored, and you don't want an undue burden placed on your children.

Of course, thinking about someone else parenting your child is bound to stir up emotions. You may want to write a lener to be shared with the guardian. You can share what's most important to you, your wishes for your child and the values you hold dear.

I may need to simplify my life

These days, many of us are overwhelmed by the "stuff' in our homes and sometimes people die with no plan in place for what will become of their possessions.

Have you ever looked around at all the things in the basement, spare bedroom, garage, or anic, and figured that your kids can just handle it all when you're gone?

Let your "look at all this stuffl" epiphany spur you to action. There's a great sense of satisfuction that comes from having your belongings pared down and organized. This will also make it much easier for your family down the road.

I should make a plan for special possessions

When it comes to special possessions, whether it's Grandma's engagement ring or Dad's coin collection, children often develop an interest in something over the years.

It's appropriate to specify in a will that a certain child will receive a particular item. Another common way to allow for children, when they are older, to choose from your personal possessions is to explain in your will that you wish for them to create a draft order (much like for picking players for sports teams) and to take turns choosing favorite items from the home.

I finally have a grasp on my net worth

As you create your will, you'll want to get a general idea of what your estate is worth, including the true value of your home in the current marketplace.

Creating a simple spreadsheet showing the value of all your major assets (including retirement accounts, bank accounts, etc.), as well as your debts, will go a long way toward giving you the peace of mind that comes from seeing the big picture on your estate.

What you can do next

A checklist can help you get starred in creating your will. You'll learn how to list your significant assets, decide who will inherit your properry, choose an executor and a guardian, and more.