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.
When it comes to writing wills, getting advice from an attorney who is experienced in this area is the best way to go. A financial and legal expert can provide insight into the state laws that may affect your estate, for example. People who fail to effectively plan for their estate after their death are basically allowing the state to determine the instructions of their will for them. In what are referred to as “intestate wills,” the state can allocate deceased individuals’ property to the closest blood relatives without discretion, and estate taxes will most likely be greater than they would have been with wills or last will in place. So having a last will is clearly better than not having one, and getting advice from an expert during the process is even better.
Wills provide many benefits that well outweigh the discomfort of bringing up the subject in the first place. Just considering the following benefits:
- Wills allow you to choose an executor of your estate
- Wills allow you to choose guardians for your young children
- Wills allow you to choose trustees for your estate
- Wills ensure that properties are distributed per your wishes
- Wills spell out how to pay estate taxes and other debts
- Wills will also help you minimize your estate taxes and costs
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.
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. Whether it’s the skilled life insurance advice from BeamaLife specialists, or the expert assistance of an estate attorney, it pays to have a helping hand to guide you in the right direction. Call (877) 972-3262 today to speak with an experienced advisor or complete personalized proposal request form now.