Death is a difficult conversation but it is one you must have with your family and yourself, especially if you have assets you’d like to leave to loved ones when you pass. If you don’t already have a will, the right time to write one is now. Keep the following in mind as you do so.
- Choose an Executor
Choosing someone responsible to act as the executor of your will speeds up the probate process and helps to ensure your wishes are met. While some people choose a close family member or friend, others rely on their banks. There are even estate planning attorney services Mission Viejo CA.
- Be Specific and Realistic
Be specific but realistic when determining who gets what. This is especially true if you have multiple children or a blended family. For example, if you have children but remarried, leaving everything to your second spouse means he or she can do anything with the money and is not required to care for your children unless you specify it.
Being realistic is important, too. If you have one major asset, such as a nice home, but multiple children, it will be harder to distribute everything exactly equally. Talk to your children about who wants what assets or family heirlooms as you write your will, or specify that assets such as cars or homes should be sold and the money split equally.
- Review Your Will
Remember that your assets are likely to change over time, especially if you write your will when you are relatively young. It is important to review your will at least once every few years, more often if there is a major life change, such as having a child, getting married or divorced, or making a large purchase. This ensures you leave the right assets to the right people.
You can use online resources to write a will on your own. However, if you’ve never done it before, consider hiring an estate planning attorney. He or she can help you ensure everything is legally binding and written the way you intended.
