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Four Things to Consider when Making A Will

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Making a will is one of those tasks that is easy to put off. Unfortunately, without one in place, you could be putting your loved ones’ rights at risk. Creating a will does not have to be a complicated process. The following outlines four basic items you will want to give some thought to, prior to meeting with your estate planning lawyer.

Tips for Creating a Will

According to a report from the American Association of Retired People (AARP), roughly 60 percent of the population does not have a valid will in place. Unfortunately, not having one could subject your loved ones to time consuming and potentially costly probate hearings in the event of your passing. It also leaves them with the burden of having to guess what you would have wanted, at a time when they are likely still processing their grief.

Making a will helps to alleviate this burden, in addition to giving you some control over how matters are handled. US News & World Report advises that your first step should always be to meet with an experienced estate planning lawyer to ensure you are not wasting your time creating a document that is not legal. Prior to this meeting, the following are four items you will need to consider including in your will:

  1. An inventory of your assets. Even if you only own a modest amount of furniture and a few personal belongings, creating this inventory will eliminate any confusion or guesswork, while enabling your survivors to settle your estate faster and easier.
  2. An estate administrator. This is the person who will be in charge of submitting your will to the probate court and settling your estate. While you may be tempted to name a loved one or spouse, make sure they will not be overwhelmed by the burden and that they have the appropriate knowledge to handle this task.
  3. Designated beneficiaries. These are the people you wish to inherit your estate. Naming them in your will helps to ensure they get any proceeds from accounts or property you possess.
  4. A guardian for minor children. If you have children, you will want to name someone to provide for them in the event of your death. If you are married, do not assume your spouse will be able to fulfill this role. As a couple, you likely spend a good deal of time together. If something happens to both of you, it is better to be prepared.

Contact Us Today for Help

For questions about making a will or to discuss the details involved in your situation, contact the Protect My Assets Law Group. We can arrange a one on one consultation with a Boca Raton estate planning lawyer who can guide you through every step of the process. Creating a will is too important of a task to put off for some later date. Call or contact us online and request an appointment today.

Resources:

aarp.org/money/investing/info-2017/half-of-adults-do-not-have-wills.html

money.usnews.com/money/personal-finance/articles/2012/09/26/important-things-to-consider-when-preparing-your-will