No one wants to think about leaving their loved ones behind when they pass away. However, making sure that you have a will that details all your wishes about how you want things handled after you are gone will help you make sure that your loved one are cared for even when you cannot be there. It will help protect the things and people you care about and help them to have the future that you want for them. Here are some important factors to consider when it comes to the writing of your will. If you have questions or concerns about your will and need help having one drafted, then you should speak to one of our estate planning lawyers with the Higgins Firm. We will help answer any questions you may have and help you create a plan that is right for you.
• Having a will does not mean all your assets are covered
Any assets where a beneficiary is designated such as IRA 401k plans and life insurance will go directly to the beneficiaries. Also, any assets that you have in joint tenancy with survivorship will go directly to the people who have the survivorship rights after you die. Any accounts that are pay on death or transfer to death will also go to any beneficiaries when you die. If you have a trust with any assets these will be handled without probate. It is important to review your beneficiaries when you make any changes to your will so that you make sure your assets are divided exactly how you want them to be.
• It is important to make sure the executor of your will is someone you trust
The executor should be someone you trust because they will be responsible for handling everything after you die as well as making sure the wishes in your will are honored in the way that you want them to be. They will be responsible for paying bills and taxes that deal with your estate. They also have to appear at legal proceedings and maintain any property until the estate is settled. It is best to appoint someone whom you not only trust but who also has business knowledge.
• If you have young children, make sure you pay extra attention when writing your will
Since children are not typically able to handle inheriting property, it is a good idea to take this into consideration when writing out your will. If a child who is a minor inherits property, the court will appoint a guardian if you do not appoint one in your will. It is suggested that you take some time to appoint a trusted guardian for your children so that they are well taken care and protected.
These simple yet important factors can help you be better prepared when writing your will or having it drafted. This way your wishes will be carried out in the manner you intended and you can help to make sure that your loved ones will still be okay after you are gone. Since writing a will can be complicated and often confusing, if you have questions or problems, it is a good idea to consult one of our experienced and caring estate planning lawyers at the Higgins Firm. We know how important protecting your assets and family members is to you and we will help you create a will and estate planning that is the best one for your situation.
Please contact us today online or by calling 800.705.2121 to discuss your legal options.