Life & Legacy Planning
Seven Things to Consider When Drafting a Will
Making the Law Simpler
Drafting Your Will
Drafting a will is an important step in the estate planning process as it not only ensures that your wishes are carried out after your passing, but also provides clarity and peace of mind for your loved ones.
Though life and legacy planning can be a daunting topic, we’re here to help you plan for the future and protect your family for generations to come.
Here are seven important points to keep in mind as you begin drafting your will:
1. Identify Your Assets
There’s a lot to consider relating to drafting a will, but the simplest place to start is by making a comprehensive list of all of your assets. This may include properties, bank accounts, investments, and personal belongings. All of this will be listed out in your official will along with instructions for how everything is to be cared for in your absence.
2. Choose an Executor
An executor is responsible for managing the distribution of your assets according to your wishes. It’s important to select someone you trust and who is capable of carrying out the responsibilities that come with this role. This person is typically a family member, accountant, or lawyer, and their duties span from the time of passing until everything is officially closed out with the estate.
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3. Choose Your Beneficiaries
Using the comprehensive list of your assets, you’ll have to determine who is going to inherit the various elements of your estate. Consider family members, friends, charitable organizations, or any other individuals or entities that hold importance to you and align with your wishes for legacy.
4. Appoint Guardianship
In the event that you have minor children, it is crucial to designate a guardian who will care for them in your absence. This decision should be made after careful consideration and discussion with the potential guardian. They may be a close relative or friend whom you trust to raise and care for your children.
5. Keep Your Will Up to Date
Life circumstances change over time, so it’s important to review and update your will periodically. Major life events such as marriage, divorce, birth of children, or acquisition of significant assets may warrant revisions to your will. Additionally, your wishes may change over time as well, such as who you want to inherit certain assets.
6. Communicate Your Wishes
Drafting a will is a personal process, and there is no one-size-fits-all approach. It is essential to consider your unique circumstances, communicate what your wishes are, and consult with professionals as needed to ensure that your will accurately reflects what you’re envisioning for your legacy.
7. Seek Legal Advice
While it is possible to create a simple will on your own, consulting with an experienced estate planning attorney can provide invaluable guidance and ensure that your will meets all legal requirements.
Who can assist me if I have more questions?
If you have any questions about drafting a will, you should speak to an experienced estate planning attorney in your area, such as Charles Bishota of Bishota Law, PLLC. Mr. Bishota can help walk you through each step of the process and can help you protect your interests.
Contact us today to schedule a consultation.
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