A Last Will and Testament is a “must have” for every adult. Your Will provides clarity about your wishes to family and loved ones who are already grieving. Most people start to think about an estate plan when they’re reminded of their own mortality. Maybe you just got married and are concerned about caring your spouse. Maybe you recently had your first child and want to ensure they’re taken care of if you aren’t around. Whatever the reason, you should do a little prep work before you begin.
Who are your heirs? Your heirs can be just about anybody or any entity. Often, folks want their children to inherit their assets. Maybe you want to leave something to your siblings, parents, a close friend or maybe your favorite charity.
Who will serve as your Personal Representative or Executor? Someone has to be in charge of paying your final bills, filling out legal forms and distributing your estate assets to your heirs. It’s best to have a backup, too, just in case something prevents your first choice from serving.
Do you have dependents who need protection? Whether you have minor children, an adult child with a disability or you’re caring for a family member with a physical or mental disability, your Will should specify who you would like make decisions in your place.
What kind of assets do you have? You should create a list of all your major assets, including real estate, retirement accounts, pension plans, digital assets, life insurance policies, heirlooms and other valuables. This will help you decide if certain items should go to specific individuals and how the rest should be divided.
A solid Estate Plan includes a couple documents, like Powers of Attorney, in addition to your Will. Whether you need to make your first Will or you’re looking to update an existing Estate Plan, contact Cooney Law Offices today. We can help!