Making a will is one of the most important things you can do to provide security and peace of mind for yourself and your loved ones. Unfortunately, many people don’t realize how complicated the process is or how elder law attorneys can guide them through it. Here are some key points to consider when making your will.
1. Choose Your Executor
The first step in making your will is to choose an executor, the person who will be in charge of carrying out your wishes. The executor ensures that everything goes according to the provisions of your will. Make sure you choose someone trustworthy enough to carry out your wishes in a mature manner.
2. Name Beneficiaries
Make a list of beneficiaries in your will since this determines who’ll receive any assets you leave behind when you pass away. Make sure that the people you choose are of legal age and that they’re aware of their responsibilities as a beneficiary. If the beneficiaries are young, you may want to create a trust for when they are older.
3. Specify the Division of Assets
Be sure to specify how you want your assets divided among the beneficiaries in your will. The division of assets should also consider any debts or liabilities that you may have. Elder law attorneys can help you understand the complexities of dividing assets and ensure that your wishes are carried out properly.
4. Make Arrangements for Minor Children
If you have minor children, make arrangements for their care in the event of your death. You can name guardians for the children and specify how you want their inheritance to be handled over time. Be sure to spend a lot of time thinking about who you want the guardians to be.
5. Update Your Will Regularly
Life events can change how you want to divide your assets. So, you may need to update your will a few times. Make sure you meet with an attorney when changing your will so that you do everything according to the law. You can change your will as often as you need to. Just make sure it’s done legally, so no one can contest it after your death.
According to Caring.com, one in three Americans who have no will or living trust claim they don’t have enough assets to leave behind. A qualified attorney can help look through your assets to come up with a plan. Take the time to create a will so that your family will be taken care of in the event of your death. Contact the 417 Business & Elder Law today to learn more.