Things to Consider When Writing a Will
When you’re creating an estate plan, you will want to make sure that includes a will. A will is an essential legal document that many people should include in their plans. Without a will, your loved ones and the court will have no legal reference to go by, preventing them from distributing your estate properly according to your wishes. Here are some things that you should think about when you are making a will.
Asset Protection
Figuring out a way to effectively and securely protect your assets it’s one of the main reasons to write he will. You have the right to decide how you want all of your money types of assets to be managed. As a will executor lawyer can explain, there are many ways to secure assets, such as setting up trusts, purchasing insurance policies, and other tools. Evaluate the types of assets you have, and consider the pros and cons of the many ways that you can secure them.
End of Life Care
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Another main reason to set up a will is to establish what type of medical care you want to receive as you reach your retirement or elderly years. It is important to discuss with your loved ones how you want to be cared for, such as whether you are comfortable in a nursing facility or if you would rather prefer in-home care. These are important topics to discuss with your family and primary medical team, but making these decisions can take some time so you should get started early.
Beneficiaries
Beneficiaries are the individuals listed in your will whose assets will be passed down. Clearly designating beneficiaries serves several purposes. It is a means for you to ensure that your assets get passed down to the right people, and it eliminates any confusion for the court when they are reviewing your will, as it informs them to who your assets should be passed down.
Guardianship
If you have children you will want to set up a clear plan for guardianship. Consider the people that you trust to care for your children if you pass away. They include a detailed guardianship plan that addresses how they will be raised and other provinces that you have for their upbringing.
For more information about writing a will, schedule a consultation with a will lawyer today.
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