Estate Planning – Important Things to Consider When Making a Will
Most individuals pass away without leaving a Will because they don’t really know the process of estate planning. The principal effect of failing to make a Will is that the law will decide how your estate is distributed, disregarding whatever desires you may have had (this is something you DON’T want). If you’re feeling overwhelmed about the idea of writing your Will, we assure you that it is not a difficult process and won’t take up much time.
Although writing a Will requires some thought and planning on your part, it will be easier if you already know what you want to do with your estate after your passing. You must carefully analyze your life and think long term. After all, your Will serves as a definitive declaration of your intentions.
However, a lot of people choose not to make a Will, frequently out of fear of facing death. Estate planning lawyer’s report that many people claim they are too busy to sit down and create a Will. But don’t worry because with a few useful tips up your sleeve, you’ll be able to create a solid Will in no time.
Important Things to Consider When Making a Will
Do you have any underlying assets? An asset may include personal property, investments, and money that you own. What is the worth of your assets? You should prepare a list of your assets and their values before creating a Will because the process of creating a Will may allow for some financial or tax planning that only you would know.
Property owned jointly with a spouse is not included in the Will. Joint ownership refers to things like shared bank accounts and real properties, which are frequently owned by spouses. Therefore, these do pass to the remaining owner by operation of law rather than under the terms of one person’s Will. A Will is used to pass on an account that is only in one person’s name.
Are you financially dependent on anyone else? How to continue supporting family members or other individuals who depend on you financially is a major factor for many people when making a Will. Consider the long future and various scenarios. For instance, you may use your Will to leave money to your children after a surviving spouse uses it during their lifetime.
Designating a Trustee
Your executor is the individual or entity you designate to carry out your last intentions as stated in your Will. Your executor is in charge of handling your estate after your death. It is important to take the responsibility of executor seriously. A family member who is nominated could feel really honored, but they must have the time and the knowledge to carry out the duties. In general, if naming a person, pick someone who is a named beneficiary of the estate. For someone without a stake in the estate, having to serve as executor can be a burden.
Fairness is typically the starting point for a parent, although this does not always entail splitting their estate equally among their children. You should think about whether a child has received lifetime gifts and whether these should be taken into account when you pass away. You should also think about whether one child is more deserving than another due to specific circumstances like a disability, illness, or financial hardship, or whether a child has shown you particular support. It’s beneficial to write a note for your kids outlining your justifications for any perceived unfairness.
Ideally, you wouldn’t need the assistance of a lawyer in writing a Will. That being said, if you are unsure or have concerns about creating a Will for the first time, legal counsel can provide direction and assistance in Media, PA.
The procedure is made simple and quick by the Law Offices of Robert E. O’Conner, PC, in Media, PA and all of our documents are made by experts who are knowledgeable with the field of estate planning. Additionally, you get complete access to our specialists when you engage with us, allowing you to get in-depth responses to all of your inquiries.
Making a Will requires thinking about a lot of different factors, so if you have any questions along the road, you may connect with our team right away using our real-time chat feature.