People have many motivations when they plan their wills or last will, but making sure loved ones are taken care of and ensuring that assets are left in the right hands are primary concerns. It is important to plan your estate now so you can rest assured that your final wishes become a reality after you pass on. One vital component of effective estate planning is getting the right advice on wills, trusts and life insurance planning.
Wills provide many benefits that well outweigh the discomfort of bringing up the subject in the first place. Just considering the following benefits:
Choosing an executor should be one of the first steps in planning a will. The executor is like a representative who locates the will, collects the assets and distributes any remaining assets to beneficiaries after paying legitimate credit claims and estate taxes. If you have minor children you’ll also want to use your will to nominate guardians and trustees to take care of them and assets if you should pass away.
Both a Living Trust and a Last Will accomplish a similar goal, which is the delivery of ownership of one’s assets to their beneficiaries upon death. There are negatives and advantages to both but for most people, Living Trusts are seen to be the better option, especially with people of higher wealth.
A Living Will is directed towards your health care preferences if and when you become mentally incapacitated. It allows you to appoint a Health Care Proxy who will then carry out your health care preferences. A Last Will and Testament is legally enforced after your death which deals with the transfer of your assets and personal property.
The real peace of mind that comes with writing wills is the knowledge of exactly how property will be distributed. You can leave gifts to anyone you please including spouses, children and other loved ones who you want to make sure are taken care of in the event of your death. It is important to have as much sound advice as you can get when writing a will and planning other aspects of your estate.
We have helped many successful individuals to create smart estate plan. If this something you want for yourself then please call (877) 972-3262 or complete contact us form now.