One of the most important steps you can take to protect your family and assets is setting up your Will. Whether you are creating your will or updating it, coming into your appointment informed and prepared will ensure a smooth process. We have compiled a few key considerations before meeting with your Estate Planning Attorney as well as a few pro tips to ensure confidence going into your appointment.
- Asset Assessment
Create a detailed list of your assets. This list can include your home, bank accounts, retirement accounts, investments, business interests, valuable personal belongings, and life insurance policies. This is helpful when considering allocation and who will be inheriting these assets.
Pro Tip: Don’t forget digital assets like cryptocurrency, online businesses, or even social media accounts.
- Consider Your Beneficiaries
Take time before your appointment to think carefully about who you would like to inherit your assets. You can always decide to leave everything to your spouse or children, but you may have specific provisions you would like to make. You can leave specific items to certain individuals or even charities. Remember, your will is personalized and unique to your wishes. It is advisable to ponder your options as well as the potential beneficiaries.
Pro Tip: Consider alternate beneficiaries in the event that your first choice is unable to inherit.
- Select a Responsible Executor
The Executor should be someone you trust to carry out the terms of your will when you are gone. They will be responsible for handling paperwork, managing financial matters, and making sure everything runs smoothly.
Pro Tip: We advise choosing someone in your life who is financially responsible and would have the time and capacity to take on these responsibilities.
- Guardianship for Minor Children
If you have young children, you will need to decide who will care for them if something happens to you. Guardianship is a huge decision that should not be taken lightly. When thinking about potential guardians, consider their values and their lifestyle. Select a guardian who you believe will provide a loving and stable environment for your children.
Pro Tip: Discuss your decision with the potential guardians before finalizing your will. You want to make sure that they would be willing to take on this responsibility.
- Plan for End-of-Life Decisions / Medical Preferences
A Healthcare Directive is a legal document that outlines your medical treatment preferences if you are incapacitated and are unable to communicate these preferences. It includes instructions on critical medical care decisions such as life support. It also allows you to appoint a healthcare proxy to carry out these instructions on your behalf.
Pro Tip: Appoint a healthcare proxy who is equipt to make decisions and who will carry out wishes.
Update Your Will
Remember, you can always edit the details and provisions in your will. Major life changes like marriage, divorce, the birth of a child, or significant financial changes should prompt a review of your will.
Pro Tip: Check out our blog, “Updating Your Estate Plan: When and Why It’s Necessary” for more information about the importance of keeping your will up to date.
Estate Planning Attorney Guidance
Of course, you do not have to have every detail worked out before your appointment. Dealing with matters of death and incapacity can be emotionally challenging. Our estate planning attorney, Shira Fract, Esq., provides compassionate and sensitive guidance throughout the entire process. She will guide you every step of the way, addressing your concerns, answering your questions, and providing you with the peace of mind you deserve.
Protect Your Assets & Loved Ones
A little preparation goes a long way in ensuring peace of mind for both you and your family. Contact UBFK Law today to schedule a consultation and take the first step towards securing your future and protecting your loved ones through effective Wills, Trusts, and Estate Planning.