Thinking about estate planning can be stressful for some. It is likely that you will have a lot of questions about the process. You may be wondering how long it will take to plan out your estate or what rules exist in your state. An important question to answer is: what documents are important in estate planning? One of the core documents you will need is a last will and testament. It is important to account for your assets in this document. However, what exactly goes into your will? Family Law Group can help answer that question.
Making It Clear
First and foremost, it will be necessary to utilize specific language to ensure that it is apparent you are writing your last will and testament. This way there is little to no room for any disputes.
Your will should always have all important identification information. For example, you will need to list out your full official name, date of birth, and any addresses that you reside at. If you ever used any other names or nicknames, it would also be useful to include those. While listing out personal information, take some time to also name your immediate family members. This may include your spouse, children, or any grandchildren.
Property or Assets
Property and assets are what many people immediately jump to when thinking about wills and estate planning. This is an important part of your will and one of the main components. If you want to ensure that your assets go to the correct people, your last will and testament will help make that happen. You can have other estate planning elements in place to work alongside your will, to make sure that all of your assets and property are accounted for. These elements include trusts, powers of attorney and more.
You will likely have assets that you want to leave to specific people. The people who you name within your will are known as beneficiaries. Most people choose to name family members or friends as beneficiaries. However, you can also name organizations or other businesses as inheritors of your assets. It is important to note that you can change and update these over time, along with the rest of your will.
You will also need to specify executors within your will. An executor will be responsible for carrying out duties after your death, such as the specific terms of your will. They will also have to manage your other affairs, such as remaining bills and taxes. When naming your executors, think of responsible individuals who will be able to handle your wishes and remaining duties. This could be a family member, friend, or another trusted individual.
Instructions For Care
Depending on your age, you may have children or a loved one who you care for. In the event that you pass, it will be important to have a care plan in place for these individuals. You can do this in your last will and testament. Before naming any potential guardians, make sure that they can handle providing care for your children or loved ones. If they change their mind or become unable to provide care at any point, you can update this in your will. You can also leave specific instructions for your pets and their care.
Making Sure It's Valid
At the end of drafting your will, you will need to make sure that it is valid. You will need to provide a signature and have people witness the signing. Due to the fact that there are many components to ensure a will is valid and enforceable, it is best to work with an experienced and knowledgeable estate planning attorney. They will be able to help look over your documentation, ensuring that there are no errors that would prevent the will from going into effect. The team at Family Law Group is here to help.
Reach our team today at (703) 552-5072 for more information about the estate planning process.