Making a will is something that everyone should do at some point in their life, and it is best to get started early. Planning a will can be a challenge, especially on an emotional level, but planning ahead can save you a lot of trouble in the future. You want to have an idea of how you want your assets to be handed down to your loved ones so that they don’t run into any issues. Know these basics before you begin working on your estate plan.
Create a list of your assets
Identify what your assets are so that you can keep track of them and include them in your will. Asset distribution is also often a complex process, but making a list of your assets early can save you time and help you avoid any corrections. Forgetting to include assets in your will can be costly and can take a long time to correct.
Name an executor
Your executor should be a person that you can trust to handle your estate. A reliable executor should be highly organized and committed to taking care of your estate. It is a major legal responsibility, so take the time you need to make the decision. An executor is responsible for seeing that your will is formally recognized, your assets are handed down to the designated heirs and handling all aspects of your estate.
Update your will regularly
Making a will should not be a one and done task. It is recommended that you update your will periodically and discuss your plans with a will lawyer, who can help you with implementing the necessary updates. It is recommended that you make revisions to your will after important or major life events, such as marriage or the birth of a child.
Decide on your legal guardians
If you have minor children, you can name legal guardians in your will. When you are deciding on a guardian, choose someone who has similar values and a parenting style that aligns with yours. Guardianship is a major responsibility, so make sure that you have multiple discussions with your chosen guardians to be sure that they are the right one for the role.
There are a lot of things to know when you are planning your will. The process is not always straightforward, especially when you have a larger estate. A will lawyer based in Sacramento like one from Yee Law Group, PC can help you with more complex tasks such as naming beneficiaries and refining the language in your will. For more information, arrange a consultation with a trusted will lawyer now to discuss your estate planning goals.