Things that Miss in Will
Creating a will is highly advisable for anyone who has assets to their name, whether you own one single-family home, a business, or a plethora of entities and ventures. While thinking about death can be stressful, drafting a will and updating it occasionally can bring peace of mind. Knowing that you’ve provided for your loved ones, even in circumstances beyond your control, can help give your certainty and calm about the future. When crafting your will, there are a few things you might forget about that you should remember prior to finalizing your will for the best possible outcome for your family and trusted loved ones in the future.
While you may have already selected your primary will beneficiaries, it is also advisable to choose alternative beneficiaries in the event that your primary beneficiary is no longer available, has passed away, or has become incapacitated for any reason. Otherwise, your estate will be divvied up according to state law. Consult with a lawyer to see what will work best for your circumstances.
Speaking of which, you should obtain a will and trust law attorney to help you through the process of creating and finalizing your will. Working with an attorney is also a way to learn more about your options, dividing up your assets, and executing your will once you are no longer here. An attorney can help explain your wishes and clarify points of inheritance law.
With digital assets becoming more common in today’s society, it is important to consider which digital assets you own and have invested in. From virtual stocks, websites, and even entire online businesses or brands, it is important to consider any digital assets you own when working with your will and trust law attorney. It can be easy to look past the files on your computer as an important asset to pass on, but they can be! Be sure they make it into the right hands.
Guardian and trustee designations matter. Especially if your will is responsible for taking care of your children or anyone who may require guardians or trustees to handle funds or items you have designated to the individuals within your will. With luck, such designations will not be needed when the time comes but knowing that they are there can help you and your loved ones.
Handling your estate’s expenses should also be considered and kept in mind when creating your will and working with your will and trust attorney throughout the process. Whether you intend to manage the expenses of your home after you are no longer here or if you are focused on handling the expenses of your businesses and expenses of your loved ones, address potential expenses you want to have taken care of with your attorney. Transporting and moving your belongings will take time and money. Make sure you budget for the effort it will take.
When you familiarize yourself with the options you have while creating your will, you can determine which things are most important to you and what matters should be settled immediately with your attorney. Taking the time to ensure your will is thorough, complete, and up to your standards is a way to gain peace of mind. You will know your loved ones will be taken care of once you have passed. The effects of your life will extend long after you are gone. It’s important to make sure that you have a say in what lingers from your life. Doing so can be scary, but it is worth it.
By Lizzie Weakley
who is a freelance writer from Columbus, Ohio. In free time, she likes outdoors and walks in the park with her three-year-old husky, Snowball. She recommends this will and trust law attorney.
Member since August, 2019
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