When it comes to your estate, you will want to be sure your family members or good friends receive the items that you choose to leave behind. The most effective way, to make this happen, is by creating the last will and testament and being precise with it. This will be filed with the court in your jurisdiction and must be followed. Knowing the items to include in your will may help you during this process:
Item #1: Beneficiaries
You should list the people you want to inherit your property and financial assets, as well. This may include real estate, cash or sentimental items. Be sure to list the person's name and the details of what you are leaving this individual in your will.
Item #2: Executor
You should list an executor who will oversee the delegation of your assets to your friend or family members. This should be a person you have a great deal of trust in and are certain this individual will follow through with your last wishes.
Additionally, the executor is responsible for making certain all of your debts are paid before any of the remaining assets will be distributed.
Item #3: Guardian
If you have children who are under the age of 18, you will want to list a guardian. This person will be responsible for taking care of your children and doing some of the things listed below:
1. Providing a safe environment for your child to live in once you are deceased.
2. Giving the necessary amount of financial support which may include clothing, food and paying for college tuition.
3. Making certain, the child gets the proper medical attention and paying for the necessary amount of health insurance or any medical bills that occur.
Item #4: Pets
It's important to not forget your pets when creating a will. You can't legally leave money to an animal, but you can designate a specific individual who can care for your furry friend.
It's ideal to talk to this person beforehand to make sure this is something this individual is willing to take on for you.
Finally, creating a last will of testament will help you have the peace of mind in knowing the estate you worked so hard for will be left to the people you select. Be sure to retain an estate planning attorney who can help you create this document for you. To learn more, contact a professional like Donald B Linsky & Associate Pa with any questions you have.