5 Tips For Will And Estate Planning

Posted by Ainsley Aiken on August 2nd, 2019

Death is unpredictable and rarely knocks before striking. Therefore, it is always best to be prepared and execute proper estate planning before any such mishap. The foremost among these precautions is to draft a will and decree what should happen to one’s estate after his demise. If this is not done, what ensues is a long-drawn legal battle between siblings and children wherein a major chunk of the estate gets ruined in paying taxes and lawyers fees. To avoid such a situation and to ensure your property is safely owned by your loved ones, here are 5 tips you absolutely need to follow. 

1. List up all your assets and liabilities

This is essential in order to determine your net worth and ascertain what comprises one’s estate. There are many assets that may pass outside probate, and whenever consulting a lawyer regarding matters of wills and estates, it is always advisable to have a good knowledge of how much you actually own and take an inventory of what you have. 

2. Determine your beneficiaries and the part of the estate they will get

It is crucial to determine who all will your beneficiaries and when they will come into absolute possession of what belongs to them. The manner in which the assets will be transferred also needs to be decided beforehand: whether through a trust or an attorney. In cases of children, it is always beneficial to give them the money only upon reaching a certain age, say 18 or 21. Hire a professional estate planning law firm to help distribute assets to the right beneficiaries through a proper will. 

3. Determine the most sensible plan for the will 

Some people may choose to write a will in order to decide who gets how much, but this may lead to the problem of court oversight and excessive taxation, especially if there are properties in several states or countries. To avoid this, some people may choose through a revocable trust instead. It would also help avoid court oversight. 

4. Determine the Executor of the plan who will handle the distribution of the assets after your death

This is also equally important as without a proper executor of the will, it might as well be a blank piece of paper. Possible choices for executors could be family members, attorneys or a corporate trustee to manage the will. It is recommended to give the same person a Power of Attorney to make medical decisions on your behalf in case you become incapable to do so. A living will can also be created for this purpose. 

5. Find a suitable and well experienced estate planning law firm to prepare the will

Last but not the least, a trustworthy estate planning law firm needs to be hired who will then draw up the will as well as the Power of Attorney. It is always better to consult a lawyer in person rather than online since drawing up wills can be very complicated and has a lot of nuances. 

Estate planning is an extremely necessary part of one’s future planning. To ensure that your estate will be in the right hands when you are no longer there to take care of it, writing a will on time and planning who will handle your estate and will is very important. Act now or else your estate and family members could suffer tremendously.