Many people do not consider estate planning until some mishap occurs. Regardless of your age, financial status, or any health reasons, considering estate planning and creating a will is a good decision. It will help you make a rightful successor of your assets and property when you are gone. Creating a will is no longer a challenging task and many expert estates planning professionals offer guidance in writing a comprehensive estate plan.
Here we discuss some of the major reasons why should consider creating your will:
Child Custody and Guardianship:
One of the important reasons why one should make their will is guardianship of the child when they die. You should mention the name of the guardian in the will who will be responsible to take off your child. It becomes a long and daunting process to get child custody if the will is not made before. Estate planning attorney assists in preparing your will, saving a lot of your time in processing and filling out court forms with other formalities.
If you don’t have an estate plan, the law determines who will get your inheritance and it may happen that the right person does not get what you had wished for. Consider creating your will so that your property like house, land, vehicles, and other personal property goes to the right person. Plan and create a list of people who are closest to you and will be the beneficiaries of your assets and money when you and your spouse die. Update your beneficiaries for your life insurance, retirement accounts, pensions, and transfer-on-death accounts.
Your possession might not be of any financial value but may have a personal attachment. These possessions which hold any sentimental value should be gone to the right person who values it, not to the ones who don’t respect your sentiments. Mention the person’s name in your estate plan who will own your cherished possessions.
The present scenario is that each one of us has online accounts for social media and digital bank accounts. Mention clearly in your will about who will handle your social media accounts, websites, digital bank accounts, and other online profiles. Specific instruction may be included in the will for specific platforms. Consider hiring an estate planning attorney for detailed information.
Power of Attorney
Power of attorney allows you to designate someone on behalf of you if you become incapacitated. You need to select someone whom you trust completely and can handle your affairs the way desire. You may appoint two POA: one for your health care for medical conditions and other for financial decisions. An estate planning attorney can help you draft the desired actions for both POAs about your money, property, and assets.
If you do care for your children and closest ones, you need to create and name them your property in your will. A professional and educated estate planning attorney can handle this for you and plan your family’s future with desired terms and conditions. All you have to do is to look for an experienced attorney with adequate years of experience.