While a last will and testament might seem straightforward, questions and confusion can arise if things are not spelled out in detail.
Here are some important considerations that should not be overlooked.
Your children might inherit equal parts of your estate if that is what you wish. However, if you plan to distribute your assets differently, that needs to be specified clearly.
Although it may seem peculiar to consider your pet's needs when you pass on, someone will need to assume responsibility for any animals you own at that time.
If you remain separated or divorced for the rest of your life, the estate plan should clarify whether any family-held possessions, such as a car or real estate, will be given to the surviving ex-spouse.
Don't wait to prepare your estate plan. Consult estate lawyers who can provide valuable information and help you make important decisions about your last will and testament, a power of attorney if warranted, and a living will.
Children
Your children might inherit equal parts of your estate if that is what you wish. However, if you plan to distribute your assets differently, that needs to be specified clearly.
Also, if one of your children happens to pass away before you do, you will need to determine what will happen to their share portion of the estate. You should also address potential questions about foster children, step-children, and underage children.
In addition, your estate plan should indicate whether surviving parents, siblings or other extended family relatives will inherit anything from your estate. Don't assume that a verbal suggestion made now will be followed later.
Pets
Although it may seem peculiar to consider your pet's needs when you pass on, someone will need to assume responsibility for any animals you own at that time.
A surviving spouse might care for them if they are in good health. However, lacking a spouse or another family member who has agreed to care for the pets, your will should state who should care for the pets or where they will go.
Separation or Divorce
If you remain separated or divorced for the rest of your life, the estate plan should clarify whether any family-held possessions, such as a car or real estate, will be given to the surviving ex-spouse.
Some family heirlooms acquired during the marriage might be of interest to an ex-partner while any children may have no interest in these things. Specify this in your will to prevent tensions when the time comes.
Make an Estate Plan
Don't wait to prepare your estate plan. Consult estate lawyers who can provide valuable information and help you make important decisions about your last will and testament, a power of attorney if warranted, and a living will.
Your loved ones need to know who will make critical life decisions if you are unable to. They also want to know who will administer your estate when you pass away.
An estate plan will prepare your wishes in a legal format that cannot be questioned or changed without your consent.
Although these issues may seem difficult to deal with now, it is best to work out your future plans while you are healthy and under no pressure to do so.
Although these issues may seem difficult to deal with now, it is best to work out your future plans while you are healthy and under no pressure to do so.
That approach makes it easier to remain objective about your decisions and to prepare family members for the time of your passing.
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