No one wants their loved ones dealing with the stress of a poorly planned estate. And yet, so many family members are left to put the pieces together after the loss of a loved one. You can help avoid this for your heirs by creating an estate plan.
Detailing your last wishes and providing a smooth transition plan for your assets are two major reasons to create a will. This legal document helps address the care for any minors you are responsible for and documents your wishes regarding the distribution of your assets. Your will can also include several other plans or specifics, but there are four that should be evaluated in every will.
The first of these is the naming of an executor or a personal representative who is the person responsible for estate administration and ensuring that all instructions are carried out per the decedent’s wishes.
The second aspect is a list of beneficiaries. These are the individuals who will inherit your property per your wishes.
The third step of your will is to list the details of who you want to pass your assets onto. You can use arrangements that are simple, like passing on all of your possessions to your children or your spouse or dividing the money inside your estate between various relatives. Don’t forget about non-financial possessions either.
Finally, the fourth component of creating your will is to designate a guardian for your children if they are minors. This will enable someone else to provide care for your children if something happens to you. For more information about creating a will that is aligned with your needs, now is the perfect time to meet with an estate planning attorney in Pasadena.