As we go through life, we accumulate assets and wealth, and it's important to have a plan for what happens to them after we pass away. Making a will is the best way to ensure that your wishes are carried out and your loved ones are taken care of. Here are some important things to consider when it comes to making a will.
1. Why Should You Make a Will?
A will is a legal document that outlines how your assets will be distributed after you pass away. Without a will, your assets will be distributed according to state law, which may not align with your wishes. By making a will, you can ensure that your assets go to the people you want them to go to, whether that's family members, friends, or charities.
2. When Should You Make a Will?
It's never too early to make a will. Even if you're young and healthy, accidents can happen, and it's important to have a plan in place. As you go through life and accumulate assets, it's important to update your will to reflect any changes in your circumstances. For example, if you get married or divorced, have children, or acquire new assets, you should update your will to reflect these changes.
3. Who Should You Choose as Your Executor?
Your executor is the person who will be responsible for carrying out your wishes after you pass away. It's important to choose someone who is trustworthy and capable of handling the responsibilities of being an executor. You should also choose someone who is willing to take on this role, as it can be a time-consuming and emotionally taxing job.
4. How Should You Divide Your Assets?
One of the most important decisions you'll make when making a will is how to divide your assets. You should consider who you want to leave your assets to, and how you want to divide them. You should also consider any tax implications of your decisions, and whether there are any specific bequests you want to make.
5. How Can an Estate Planning Attorney Help?
An estate planning attorney can help you navigate the complexities of making a will and ensure that your wishes are carried out. They can also help you with other aspects of estate planning, such as setting up trusts or planning for incapacity.
By taking the time to make a will, you can ensure that your wishes are carried out and your loved ones are taken care of.
If you need help with making a will or other aspects of estate planning, contact Gilfix & La Poll Associates today. We're here to help you navigate the complexities of estate planning and ensure that your wishes are carried out.