A will allows a people to clearly articulate how they would like to distribute their estate in the event of their passing. Ideally, this would include specific instructions on who is selected to receive certain assets, and the value or exact details of the assets being distributed. Not having a will can be complicated for spouses and adult children.
In many cases, it’s the probate process and administering the will that requires the most attention. It’s also the process that may create disputes over validity, mental capacity or how the estate is administered.
Last week, we looked at some tips to keep in mind when drafting a will. Today, we dig a litter deeper with additional considerations regarding how assets are owned, and how you may wish to leave certain assets behind.
Estate planning involves more than just choosing who will inherit your possessions when you pass away. Proper estate planning requires the selection of estate trustee, a power of attorney, legal guardians for minors and creating trusts.
Drafting a will involves considering our own mortality. Asking yourself what would happen if you passed away. It may be unsettling to think about what you leave behind - especially if you have children.