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- Lawyers Share 10 Things They Wish Everyone Knew About Writing a Will (financebuzz.com)
Planning for the future can be tough, especially when it comes to writing a will. It’s easy to put it off, but lawyers stress the importance of planning early. Life is unpredictable, and having a will ensures your wishes are respected and your loved ones are cared for.
Choosing an executor is key. Consider who will be fair and capable of handling the details. It doesn’t have to be the oldest child, and it doesn’t even have to be a family member.
Make a detailed list of your assets and debts. This includes everything you own – property, accounts, insurance, and even sentimental items. This simplifies things for your executor.
If you have minor children, ensure your will includes provisions for them. A trust with a designated trustee is recommended. Without a will, minors can’t inherit.
Hire a lawyer. Online will templates can be risky.
A lawyer can ensure your will is legally sound and accurately reflects your intentions. It’s an investment worth making.
Consider the impact of your inheritance on your heirs. Dividing everything equally isn’t always the best approach.
Think about each person’s situation and what makes the most sense for them. Open communication with your family about your decisions can prevent conflict later.
Estate planning isn’t a one-time task. Review and update your will as life changes – marriage, divorce, new children, or acquiring new assets. Outdated wills can lead to unintended consequences.
Wills aren’t the only option. Living trusts offer privacy and avoid probate, which is the legal process of validating a will.
Estate planning goes beyond just distributing assets. Consider powers of attorney for finances and healthcare, living wills, and living trusts. These documents help manage your affairs if you become incapacitated.
While thinking about death is never pleasant, planning ahead can benefit your loved ones financially and emotionally. One trend is “accelerated inheritance,” gifting assets while you’re still alive. However, be mindful of gift tax limits.
Finally, no matter your financial situation, there are always ways to improve. Focus on paying off debt, explore ways to earn extra income, and look for opportunities to cut expenses.
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- Lawyers Share 10 Things They Wish Everyone Knew About Writing a Will (financebuzz.com)