The most difficult period of time in a person’s life is when they lose a loved one. Unfortunately, many times this difficult period is worsened as a result of ignoring the importance of estate planning.
Estate planning provides you the ability to have your clear intentions documented for how you want your assets to be divided upon your death and allows you to ease the burden on your loved ones for determining what assets you left behind and who you entrust to properly apportion those assets.
Achieve peace of mind and gain a better understanding on the importance of estate planning.
What is a Last Will & Testament?
When you pass away, you will likely leave behind assets that have monetary worth and sentimental value.
Without proper planning, these assets can become a source of stress and sometimes dispute for those you’ve left behind. A will prevents this scenario from happening.
A last will and testament provides detailed instructions on what will happen to your assets after you’ve passed. It usually identifies who will get what and how much. In some scenarios, it also covers instructions on who will take custody of your dependents (minor children).
Find out what to include in your last will and testament to avoid any problems and ensure your assets are well distributed.
What to Include in a Last Will & Testament?
A will is unique to the person to whom it belongs. You have the option to be as detailed or as broad as possible in your instructions. But most legal professionals advise that you choose the former to prevent any confusion in the future.
Assets
Assets are all of the things you will be leaving behind when you pass. Indicating who will get which asset in your will prevents confusion and unfair distribution. These assets can be divided into three categories: real, financial, and intangible.
- Real Assets are tangible items (e.g. vehicles, jewelry, and land) that derive value from their physical qualities.
- Financial Assets are liquid (e.g. stocks and bonds); they derive their value from ownership claims or contractual rights.
- Intangible Assets are items (e.g. patents, trademarks, and copyrights) that derive value from how they are used.
Real Property
This refers to physical properties, from apartment units and houses to buildings and land. Real property involves contracts, deeds, and inheritance tax, making it one of the most complicated assets to transfer. Consider consulting with an estate planning attorney to determine the best course of action for these assets.
Guardianship
If you are a parent to minor children, estate planning is one way to make sure they will be cared for when you’re gone. By legally indicating who you want as your children’s legal guardian, you secure their care and safety until they reach legal age.
Work with a Trusted Estate Planning Law Firm
Prepare for the future by drafting your last will and testament. Sullivan Law Offices provides estate planning services that make sure your assets are distributed the right way.