Wills are for Everyone
Many people wait to create their first will due to some life-changing event that occurs. Having children, getting married, or even losing a loved one. Whatever the motivation, everyone needs to have an estate plan or a completely new one if the old one is really old. There is more to an estate plan than just a will. Some people even have pieces of an estate plan already created, such as a living will signed due to an elective surgery or a beneficiary form for a 401(k) for a job. All the pieces need to fit together. The beneficiary forms signed for life insurance and retirement accounts control who gets those assets, not your will. However, a will is still an important part of an estate plan.
The simplest will simply state who gets what after death. A standby trust is created for the benefit of the children if both parents pass away. Incapacity documents include a financial power of attorney, a health care power of attorney, and a living will. All of these are included in an estate plan. Also, important pieces of information must be determined in your will, such as a guardian for children and a trustee to manage any money set aside for the children. An executor of the will also needs to be named to handle the estate after you pass away. Other than providing estate plans for your personal life, business owners also need to have an estate plan providing the information for your business after you pass away.
After putting together all the documents, make sure to sign them and provide a copy for your executor. And do not fear writing a will because of its permanence. It can always be changed or completely redone. The importance is having one.
To read more on this article, visit How To Write Your First Estate Plan.
If you have any questions, contact our estate planning attorney at Wood, Atter, & Wolf, P.A.
