Estate planning along with the creation of the Will is among the things that we normally don’t think about on a daily basis. However, we have to consider that bad things can happen to us especially when we least expect them like accidents or terminal illnesses such as cancer. Before these unforeseen things strikes you, it is always best to be always ready for it by making sure that all aspects of your affairs are taken care of by the people you love and trust.
One of the primary purpose of estate planning is for you to be able to provide adequately for those people you love such as your family. When you decide to write a Will, you must find the right persons whom you can truly trust and who would be willing to carry out your wishes and who will become legal guardians to your children. These things are very important especially you don’t have a spouse or both of you dies at the same time.
Before you can name a guardian and financial trustee, you must be very cautious with your choices. It is important that you do not appoint the same person as your financial trustee and the legal guardian to avoid possibility of conflict of interests. Also, do not name unmarried couples to be legal guardians because they might break up and disagree as to what would be good for your children. If you have been divorced from your spouse, it is reasonable and natural that your spouse will gain legal custody over them unless your spouse is mentally and physically unfit to care and provide for them.
Once your will has been created and drafted, you must review them at a regular basis especially of there has been a major change in your life. If you decide to re-marry, consider pre-nuptial agreement. If you have moved to another state, be sure that you and your lawyer is aware of the state’s laws affecting your documents. Always pay your insurance premium and keep it up-to-date at all times and you can change the nominees if essential. An executor must be appointed to carry out your Will, so make sure you also have a back up in case the other one suddenly changes his mind.
The Will is a public document that is subjected to probate and probates process. Fees will be collected from your estate and can sometimes leave less for your heirs. If you don’t want this to happen, you can leave some of your assets under a funded trust. A trust is a private document that allows you to leave and transfer money and other assets to beneficiaries privately. Hence, you avoid probate.