Although it’s unpleasant to think about mortality, the fact of the matter is that eventually, all of us will pass on. But there is a way for you to make sure that your affairs are properly managed after you pass away – and that’s through careful estate planning and a will. Proper planning will ease some of the stress that your loved ones experience after you pass on, by laying out a clear plan and instructions for how your affairs are to be handled, as well as which assets you wish to be received by whom.
Understanding the Basics
A will is the legal document that dictates what happens to your assets and who handles you financial affairs after you die. Without a will, the state will make decisions about all of the above, and who among your blood relatives will receive an inheritance. This could lead to issues amongst your loved ones, and could end in results that you yourself may not have wished for.
It’s never too early to have a will, especially since it can be amended at any time.
What to Include
When it comes time to create your will, you’ll want to have a list of all of your assets, and you’ll want to choose an executor, which is a person you name in the will who will carry out your stated wishes. If you have a trust, you’ll also need to think about whom you’d like to name as your beneficiary. Most importantly, you’ll want to contact an estate planning attorney in St. Charles to assist you with the drafting of your will. An attorney can answer any questions you may have and thoroughly explain the process, as well as any laws or regulations pertaining to the process.
As CNN Money notes, a will is especially important for those individuals who has children. In a will, you can also appoint guardians for your children in case you pass on before they are of legal adult age.
Other Important Documents
When you meet with an attorney to create your will, you should also discuss some related legal matters, such as creating a trust if you don’t already have one, and also drafting a living will so that your wishes for medical care will be carried out if you are incapacitated or unable to express them yourself.
A will is one of the most important legal documents that you’ll encounter. Make sure you plan wisely and have the right professional assistance in order to save your loved ones additional stress and hassle after you pass on.
Jackson Abdalla Law Group offers expert assistance with estate planning. Contact us today for more information on how we can help you.
