No estate planning document list is complete without a will, everyone can benefit from having a last will and testament but the process of getting one can not only require extensive introspection but also a lot of time and energy.
While talking about the things that you own may not require deep emotional analysis, it can be a time-consuming task to tally where your money lies. However, it*s absolutely necessary and you will need to work with your attorney to document not just those things that are distributed by a will but also all major assets. After all, if your estate planning attorney doesn*t know about a particular asset then they won*t know whether or not it falls within the scope of your will. Furthermore, it*s important to calculate the worth of your assets in order to predict any estate tax issues.
It*s also important for your estate planning attorney to get a detailed look at your family. A good attorney will ask you a lot of questions about your family. They*ll want details of your marital status, whether you have any dependents, whether you have parents, grandparents or siblings. All of these questions are vital in order for your attorney to accurately identify your beneficiaries. This can also help your attorney to foresee complications such as a contested will.
One of the most challenging areas to make decisions in is that of distribution. Your attorney will walk through the assets that fall under the purview of your last will and testament to help you determine who gets what. Answering these questions necessitates careful thought in order to ensure that you are truly providing answers that reflect your deepest wishes. While asking questions about distribution your estate planning attorney can also prepare for contingencies, such as if a beneficiary is still a minor at the time of passing, and create solutions so that distribution can continue according to your design.
Your last will and testament will bestow responsibilities upon certain people. Again, choosing which individuals to trust with certain roles can be a challenging emotional task. The first such individual is the executor of your estate. The executor of your estate is someone who you trust to not only see to it that the allocation of assets is done in accordance with your will but also to use your assets to pay off any outstanding debts. You will also need to appoint guardians. Guardians will take care of any children under your custody until those children have reached adulthood. Guardians can also take care of any property held outside of a trust that you want distributed to minors once they are older. For property to be held within trusts you can appoint trustees. Trustees oversee trusts holding assets that are to be allocated once beneficiaries have reached a certain age or met some other condition. These should all be people who you deem trustworthy and appointing them is a decision that should not be taken lightly. Furthermore, to avoid imposing a role on someone who feels unsuited, it is important that you ask the potential candidates for these positions to provide input as well.
Do you feel prepared to answer these questions? Does this list have you finding yourself with questions for an attorney? Do you want help from one of the best law offices in New York City? Contact Morgan Legal Group, our team consists of some of the most respected estate planning attorneys with a reputation for always doing the right thing. We have the experience to give you a complete will that formalizes all of your wishes. Schedule a consultation today.
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