Estate planning can be a difficult task to handle, especially when planning for the future. There is no telling what will come in the future, making it so hard to know what you should put in your will.
Despite how vital a strong estate plan is, the number of people who have an estate plan has been decreasing for years. Part of what keeps people from making an estate plan is not knowing what to put in it, so here are three things that should be in every will:
For people with children or other dependents in their care, appointing a guardian is essential. You want to be sure that your loved ones will be in good hands in the event of your passing or severe illness or injury. Without this in place, the law will typically place your dependents under the care of the next of kin, who may not be the person you want to look after them. Do not let the government decide who gets to raise your children.
Bank accounts, real estate, cars, and heirlooms are all assets that pass on to loved ones after your passing. Like guardianship, if you do not specify who you wish to receive what asset, the government may give assets to someone you would have never selected, or someone you love may not receive anything at all. Establishing inheritance also eliminates many opportunities for friends and family to fight over who gets what.
Executor and power of attorney
There are some roles we can bestow on people that have a lot of power over our lives. When you are injured or ill to the point that you can no longer act on your own behalf, a Power of Attorney can act on your behalf, and you can specify what you would want in certain situations.
An executor is the person who oversees your estate after your passing and ensures that the law upholds your wishes. People commonly choose lawyers to act as their executor.
Begin planning today
If you are not sure how to create a will or what to put in it, consult with an estate planning lawyer. They can help you consider all possibilities and put your affairs in order to have the peace of mind that somebody will uphold your wishes.