People often take a long time to decide who they want as the executor of their will. In many cases, the job goes to a child, but therein lies a serious problem. If you have multiple children, which one do you choose? What if you do not think any of the children are really cut out for the task at hand?
When drafting a will, you need to make sure it's going to be valid and hold up after your death. Don't just assume that it will. While your estate plan does not necessarily need to be complex or legally daunting, all paperwork has to be drafted and filed properly so that your wishes are respected.
An effective estate plan is made of several pieces, all essential to completing the puzzle. Most people know they must create a will to administer their assets. However, not everyone knows the other important steps, including designating a durable power of attorney.
Wills aren't just for millionaires and those with huge estates to distribute. It's wise for anyone to have a will, regardless of assets.
Having a will is one of the most important things in life, no matter your age, marital situation or if you have children. All adults beginning at the age of 18 should have some form of will. If you want to wait, it's best that you wait no longer than graduating from college. Today, we will discuss what not to include in your will when you sit down to create it with a family law attorney.
Preparing a will is wise for anyone, not just married couples. It is not just for yourself, but for your loved ones. At best, a will spares them from trying to decide what you would have wanted. At worst, the agony of a legal battle over how to distribute your estate.
One of the first most important decisions to make when considering your will is to name an Executor. The Executor makes sure that your wishes, as stated in your will/estate, are carried out. This is a person with whom you place ultimate trust.
While most parents opt to leave their estate split equally between their children, others disinherit one or more children for several reasons. They may be concerned about a special needs child receiving government benefits, feel one child is more financially independent than another or not want to leave money to a drug-addicted or troubled child who will spend it irresponsibly. Parents also disinherit because a child is estranged, and some even use it as a way to get the last word and get even after an argument. Parents need reminders that disinheritance is permanent and can cause terrible feelings that last between living children even after you are gone, so there are a few things you should consider before you make this decision.
Tis the season to reflect back on the past year and to make plans for the year ahead. Many of us make resolutions with the very best of intentions. As you begin 2017, ask yourself if you have done the essential planning should something happen to you and you're no longer there for your family? Do you have a Will? Is it up-to-date and does it reflect your current state and wishes?
One of the most important aspects of a last will and testament is that it clarifies who you want to manage your property and affairs once you are no longer able to do so yourself. There are multiple positions to be filled if you want your property managed well and you want them filled by people you know and trust. Who you choose depends greatly on the task they will need to complete, so before picking people, it is advantageous to thoroughly understand the services that will need to be performed.