Planning Your Will? Here’s What You Need to Know
Creating a will is an important part of preparing any estate. If you or someone you love is thinking about estate planning, there are a few things you need to know.
One of the most important documents any adult can create is a will. This document is legally binding and ensures that your heirs, descendants, family members, and other loved ones know exactly what your wishes are after you pass away. Your will dictates what will happen to any of your assets, including your physical property. It will also dictate which heir will receive which items. In some cases, you can choose to leave a percentage of your estate to different parties. You might also choose to leave your belongings to a trust. No matter how old you are, creating a will is an important task. It helps protect you, your family members, and your belongings. Here’s what you need to know.
You’ll need to list your assets
While you don’t need to list each personal belonging you own, make sure you know exactly which properties you own, as well as what major assets you have. You’ll want to list these specifically in your will to ensure they go to the rightful heir when you pass away. If you leave a vague or unspecific will, your descendants will not know what your wishes are and, as a result, they may argue or fight over who receives each item. Make sure you are as specific as possible when you create your will to minimize the possibility of misinterpretation.
You’ll need to name names
It’s important to be very specific when you create your will. List each individual, as well as their most recent contact information. This will help your executor and your attorney contact each person when you pass away. Instead of simply saying, “My children,” make sure you are very specific in which children you want to receive an inheritance. Keep in mind that if you are vague, future children or children you do not currently know about could contest the will or receive part of the inheritance.
You can change things
Although your will is an important document, it’s not set in stone. You can modify it as needed. In fact, you should. It’s important to update your will anytime you want to change an heir, as well as when you acquire new or valuable property or belongings. Make sure your will is current. This will ensure that your most recent wishes are the ones that are carried out should you pass away. It’s also okay to talk with your friends, loved ones, and family members to find out what their opinions are regarding your will. You should let them know what your wishes are, but it’s okay to ask for feedback, as well.
A lawyer is essential when it comes to creating a thorough and effective will. Make sure you talk with an elder law attorney who can help guide you as you create a will that will protect your loved ones and family members once you pass away. Whether you want to set up a trust or you simply want to create a will to share your final wishes, the right lawyer can guide you through the process.