Taking care of your estate is an important way to protect your assets and your family members when you pass away. If you have not drafted a last will and testament or developed a plan for your estate, contacting a lawyer is recommended so they can ensure that you draft this important legal document properly. Here are some helpful tips to ensure that your estate planning is done the way you want it so it will benefit your family.
Be Specific
When you draft a will, it's important that you are as specific as possible when it comes to who will receive your various assets. Write down every single thing you think you will leave behind, and then include who will get it when you pass away. Be as specific as possible to prevent issues with siblings and other relatives after you're gone. Don't be afraid to talk to your loved ones and ask them about the things that hold the most sentimental value to them personally, and include those specifics as to who will receive them in your will.
Non-Tangible Assets
Aside from your home, your vehicle, and your personal effects, you should also consider who will be the beneficiary of other things of monetary value. Consider your life insurance plan, your 401(k) and other retirement money, and any other non-tangible assets you will be leaving behind. This monetary aspect should be clearly stated in your estate plan and in your policy paperwork. If you deal with something like a divorce or the death of a spouse, be sure you update your policies right away so they'll be up to date.
Designate An Executor
The executor of your estate is the person who will be legally responsible for paying off any debt you leave behind and for distributing your assets according to your wishes. Many people opt to use their children as the executor, but if you have several children, this could be an item of contention among siblings. Your spouse is a good option, but if you have a lot of bills or debt and a large amount of items to leave behind, it's a good idea to hire a professional executor to handle this for you. This can be a certified accountant or other professional who will make sure that everything is carried out thoroughly and legally. They will also be impartial and will ensure that the details you've laid out are followed precisely as you have them listed. Click for more info on estate planning.
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