Careful estate planning will ensure that your loved ones are taken care of if you die or become incapacitated. Use the tips below to itemize your assets and debts. Then, consult with a legal attorney about the steps you will need to take to prepare and maintain a will.
Your Assets
Prepare a list of your assets. This list should include real estate, vehicles, jewelry, and any other item that is of value. If you do not know the monetary value of your assets, seek an appraisal.
In the event that your estate will cover any of the outstanding debts that remain after your death, the valuation that has been given for each item may help your legal representative determine which assets will be used to pay off the debts.
Your asset list can also be used as a reference point when your will is drawn up. Have copies of the asset list made. Keep one copy in your home safe. Provide your estate lawyer with another copy of the assets.
Your Debts
Keep track of any outstanding debts that you are responsible for. Record information about the frequency of the payments, the amount that is paid, and the date in which each debt will be paid off.
The attorney who you hire to handle your estate will need to retain a copy of your debts. They will help you formulate a repayment plan that will be executed in the event that you die or become incapacitated. Some of your assets may need to be liquidated in order to eliminate the debts.
The Will
A will is a legal document that will outline how you would like your property and other assets to be distributed. Your will can also specify who you would like to be the guardian of your children or who you would like to care for your pets.
The attorney who you hire will consult with you first. During the consultation, they will gain an understanding of your family dynamics and the manner in which you would like your property to be passed on to your heirs. They will review the information that you have recorded about your assets and your debts.
Your last will and testament will be drafted, based upon the information that you furnish. Your attorney may advise you to review your will periodically. This will help you determine if the original details are still valid or if you will need to make any updates to the legal document.
For more info, contact a local estate lawyer.
