Planning in general is very important as many vital things are sure to be missing or forgotten in the midst of other activities. This is why using a checklist can be of great benefit as it makes sure that everything is in other and is properly done as at when due. A checklist is like a to-do list. It contains all the necessary things that need to be done. Like this, no important thing will be left undone.
This puts of which care must be taken to avoid errors. Estate planning errors can very costly to fix. Whereas most of them can’t be fixed
Estate planning is a combination of many important documents of which if any is missing, it could flaw the whole process. This is while every document must be confirmed by a way of checklist. These documents include: will and last testament, trust, health care proxy, etc. This post covers the necessary details about a will that must not be omitted in an estate plan.
Will and last testament
This document should be at the top of your estate planning checklist as it is very vital.
A will is a written or non-written (in some cases) legal document that conveys the deceased intentions on how his estate will be distributed among his heir. Apart from this, a will has many other features that include naming of an executor, naming a guardian, etc.
Naming an executor
This is a function of the will. It names an executor chosen by the testator. An executor is the person who sees to it that the intentions of the testator are followed to the letter. This could be a friend, sibling, spouse, an attorney, etc. A secondary executor is also named who will take charge and assume the role of the executor in case something happens to the primary executor or in a case where he rejects this role. It is vital to pre inform the executor of his role.
Naming a guardian
A guardian is someone who has been given legal right to take on the responsibility of bringing up a child. This is stated in the will. Should anything happen to you or your spouse, the named guardian will be responsible for the bringing up of your young child. In a situation where by you do not name a legal guardian for your child in your will, the court will assign a guardian for your child and this might not be your desired option.
Distribution of inheritance
This is the major purpose of a will; it contains your intent on how you want your assets distributed among your heirs when you die. This helps to prevent mismanagement of your estate.
Below is some importance of having a will included in your estate plan.
- Having a will gives you the opportunity to decide those to inherit your estate when you are gone. You get to choose who to get what. It helps to keep your estate from does that you don’t wish to have a share in your inheritance.
- Will makes it easier for your heirs to get access to your estate as everything would have been put in place by you.
- Will also presents you with the opportunity of donating your estate to charity. This can’t be possible when you do not have a will as family members won’t know of your desire to donate your estate to charity.
- In your will you can specify whom to look after your children whereas, in the absence of a will, this decision will be made by the court.
There are various types of will. While some are recognized, others are not. An example of a recognized will is the testamentary will. This is a written type of will which is signed in the presence of more than a witness. It is a written will and the most familiar will. Some will are made out of urgency, such a will is the holographic will. It is also a written will but it is not signed in the presence of witnesses. Other forms of will include Oral will, mutual will, etc.
It is important you get proper guidance from an estate planning attorney who will guard you through this process. Our estate planning attorneys are always available for consultation and hire.