Preparing a Will
Preparing a will is not something lots of individuals look forward to doing. The main problem is that most people have no clue how to start. It is very important for a person to plan for the future of their estate. If you don’t then the State will make the determination. Do you really want some judge deciding what to do with your assets? It is essential to understand that planning for the future and writing a will are two very important things. We will go over what precisely you need to do to write a will.
First ask yourself three very simple questions.
- Do you have assets that you want distributed?
- Do you have multiple people you want to distribute the assets to?
- Do you desire to make asset distribution easy for your heirs?
If you answered “Yes” to these questions, you need a Will.
How to Prepare for Writing a Will
Here are some tips to get you off the ground:
Documenting your assets
Documenting your assets helps you write a will. Start by gathering together the documents of your assets before you attempt to prepare a will. Having this documentation will greatly assist when you write the will.
Determining how you want your assets distributed
A large part of the effort that is essential to write a will involves determining how you want your assets distributed. When you determine how you want your assets distributed, it prepares you to be in the best mindset to accomplish the goal of preparing a will.
Contacting an estate planning attorney
The secret to successfully writing a will is dependent on contacting an estate planning attorney. Yet lots of individuals do not understand just how essential this really is! By contacting an estate planning attorney you will make certain that you’re wishes for distributing your assets will de defined in a legally binding document. In addition, a good estate planning attorney will be able to offer suggestions that could help you reduce the tax implications to your heirs.
Estate planning is more than just a will. A estate planning lawyer can also provide guidance and direction in other areas that inter-relate with a will. These areas in include Living Wills, Trusts, Power of Attorney and Business Succession Planning. As you can see by the graphic below there are many components of a properly constructed estate plan.
Writing a will is a detailed process which requires a few days and possibly a number of different draft documents. It is sensible to be as prepared as possible before starting. As you can see, the ideal way to be ready for writing a will is to give yourself an appropriate amount of time for your preparations so you can be successful. Gather your documents. Determine how you want your assets distributed. Find a local estate planning attorney who can help you develop a plan that complies with the laws of your local jurisdiction. By following these steps writing a will can be much easier process and leave you with great piece of mind.
For further information on wills and estate planning you can read this very detailed article provided by AARP.