The first question one should ask himself is, do you I have a will? This current generation is living longer than usual. Therefore we tend to keep postponing this decision.
A will is a document that gives financial power of attorney to look after the state of the descendant’s affairs. It also provides a health directive. It will also look after potentially a trust, a personal representative for the estate who will manage it, resolve and manage all the debts and filing his or her tax returns for the same.
Therefore the important points to consider while making a will is as followed:
• Don’t try to make the will by yourself:
There are a number of websites available which have a format to create a will by you. But the problem is that they are not state specific and doesn’t include all the things which you need to include in a systematic manner. Therefore it is advisable to consult a professional before creating a will. Hence to avoid mistakes, save tax money and safeguard your family it is recommended consulting an estate lawyer.
• Identify all your assets:
Before consulting an estate lawyer, always look out for all your assets in total. Also looking out for assets doesn’t mean only the real estate and cash or bank balance but it does include all the digital assets. As well like domains, social media accounts that generate money etc. They consider this as an important asset in the modern day world. Once compiled all the assets don’t just lock it away in the safe deposit since it’s tough for the family to go in court to drill open the safe deposit box.
• Joint property problem solving:
One other type of property is joint property wherein there are two or more owners or co-owners. Therefore we calculate the percentage of the ownership. It is because post death, the property goes to the owners will. It does not go to the joint partner. Hence it is necessary to get the terms right.
• Carefully select Guardians and trustees:
If you have children then it is not advisable to name their guardian as the trustee. Since giving them the both the authorities is not entirely safe. Therefore both the powers need to be distributed and if the children are capable of taking decisions then it is advisable to recommend them to a financial planner since they won’t be accustomed to dealing with large sums of money.
• Visiting the Estate Lawyer:
It is advisable to meet your estate lawyer every five years in order to look over the changes in laws such as tax laws which change frequently. And if there is any significant change or a milestone which needs to be included in, the will could easily be reviewed.