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Wealth Building

Four Important Considerations for Estate Planning and Creating a Will

When nearing the end of life, few people wish to have the burden of deciding where to allocate their money and property. Similarly, when someone is grieving the loss of a loved one, the last thing they might wish to think about is trying to distribute money and property if the person did not have a living will.

For these reasons, it is important to create a few essential legal documents through the process of estate planning. These documents will help ease the burden on your family, as this ensures that your final wishes are carried out should you become terminally ill or unable to care and make decisions for yourself. Here are a few considerations to keep in mind when it comes to estate planning.

Guardianship

If you have children who are minors, always choose a guardian for them. If not, the judge in court will decide who becomes the legal guardian to the children in the event of your death. Naming the guardian of your children is something you write into your legal documentation, and it is much better than allowing a court to decide this outcome.

Property Inheritance

It is important to document who will inherit your property. In many cases, people choose to sign over their property to their children or to the family or friends closest to them. Most people think that it must be a person, but you are certainly allowed to sign your property over to an organization or institution in some cases.

Living Trusts

Another option to consider is a living trust. A trust is when a trustee receives legal control over a person’s property or money. The beneficiary is the person who receives the arrangement of the trust, which could be property or money. Similar to what is outlined in a will, a trust can be received by a company, organization, or business in some cases, rather than a person.

Legal Agents

If you don’t wish to determine where your money goes, you are allowed to choose a power of attorney. This is the person who could carry out your legal affairs for you if you do not wish to decide for yourself. In addition, naming the executor of your will is vital, because the executor is the person who would carry out the directions as stated in the document.

There are many things to consider when drafting wills and testaments and other legal documents. You should consult with an attorney who specializes in estate planning to ensure that you’re on the right track with all of your legal agreements. People often think that the court or the judge can handle everything for them, but without a living will, the family members of the deceased would have to make certain legal decisions instead. Having express instructions outlined on paper can ultimately help to ease the family’s burden during this time.