Considerations when Creating a Will
It is highly beneficial to have a carefully crafted will, though how do you ensure that you consider all relevant factors to ensure your will is effective and enforceable? The best way to feel confident in your last will and testament is to seek help from an experienced Santa Ana estate planning lawyer. The following are some examples of important considerations when creating a will, though you should always consult with a lawyer you can trust, as well.
Your Property, Assets, and Beneficiaries
Every person has a different collection of assets and property, including both real property and personal property. You should take inventory of all you own and determine:
- Will some property titles be passed directly to certain individuals?
- Will some assets in beneficiary accounts pass directly to designated beneficiaries?
- Are your assets sufficient enough to pay your debts?
Once you have the full picture of your estate property, you should then consider who should be your beneficiaries. These often include a spouse and children, though you can use your will to leave specific property to friends, charities, and other beneficiaries. Make sure you do not leave out anyone you care about when it comes to making bequests.
Your Minor Children
It is important to acknowledge the difficult idea that your death might leave your minor child orphaned - whether both parents pass away in the same incident, or the other parent previously passed away. If this happens, it should be a top priority to ensure that your child is cared for by trusted loved ones.
The good news is that you can use your will as a vehicle to designate who you would want to care for your child should this unthinkable situation occur. Discuss the matter with your close loved ones and determine whether they are able and willing to become your child’s guardian. Then, be sure to address the matter as part of your will.
Another function of your will is to set out who should fill the role of executor of your estate. This individual will have many tasks - some complicated - and their performance is key to the efficiency of the probate process. You want someone who will maintain their duty to be unbiased and fair to all of your beneficiaries, as well as someone who can handle financial management and tasks. If your will is challenged, they can also be tasked with defending it.
You should also make sure that this person is willing to handle your estate administration according to your wishes and will not unnecessarily draw out the process or waste resources for your beneficiaries.
Contact a Santa Ana Estate Planning Attorney
If you are considering drafting a will, there are many factors to consider. You want to best protect your hard-earned property and your family members by seeking guidance from a Santa Ana estate planning lawyer. To learn more about how the Law Offices of Roshni T. Desai can help, please contact us online or call 715-694-1200 to schedule an appointment today.