A Guide On Estate Planning
Posted on: 10 January 2023
Estate planning helps you determine the management of your assets once you die. The best approach to estate management is commencing the process as early as possible. Below is an article detailing some estate planning strategies.
Create and Update Your Will
A will is an essential aspect of any estate plan. Typically, the document details how you want your estate divided once you die. Most people take a casual approach to the wills writing process. Unknown to them, oversights often cause wills disputes after their passing. A suitable intervention would be engaging a wills and estates attorney to guide you as you write the document. The professional ensures that your will meets the required standards in your state and country. Moreover, they give valuable insights on dividing your wealth based on the beneficiary's competence.
Your financial situation is bound to change over the years. For instance, you could divorce your spouse, get a financial windfall, acquire a new property, or dispose of a significant portion of your estate. These situations compel you to update your will. The wills and estates lawyer recommends the best way to update the document. For instance, you could use a codicil for slight changes or write a new will if your situation compels you to change the entire document. Finally, the wills and estates lawyer can help you store your will. This way, your beneficiaries and unscrupulous individuals do not have a clue about the will's contents. As such, it becomes difficult for them to create fake or duplicate wills.
Involve Credible Executors
The executor is a professional charged with enforcing the various conditions of your will. The general rule is engaging competent individuals willing to consider your wishes and best interests when executing the will. Remember, a dishonest executor could mismanage estate funds during the probate process. For instance, they could claim exorbitant charges or transfer some of the assets to themselves. If possible, the will should have at least two executors. This way, beneficiaries have an alternative if the primary executor abdicates their duties.
Be Cautious When Donating To Charity
You might want to donate part of your estate to your favourite charity. If this is the case, conduct some due diligence on the charity to establish its credibility. For instance, you could assess its financials for signs of misappropriation or corruption. Alternatively, you could use a trust to set conditions on how your donation can be used.
For more information, contact a firm like Bale Boshev Lawyers.
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