What You Should Know About Creating a Will
Writing a will is not a pleasant task for most people, but it is one of the most critical things you can do for your family.
If you put your wishes down in writing, your loved ones can avoid unnecessary hassles after you're gone and it gives you peace of mind, knowing that your assets will end up in the right hands.
Please be aware that some types of property, including certain retirement accounts and some insurance policies, generally aren't covered by wills. Make sure that you have named the beneficiaries when you took out the policies or started the accounts. Also, check from time to time to be certain that you keep beneficiaries up to date. Whatever you have on file at the time of your death will usually dictate who receives those assets.
Every will should name a close family member or friend to be the executor of the estate. If it is stated in the will, the executor would be given the power to pay bills and settle the debts of the estate. The executor would also be given the ability to settle any other issues related to the estate and be the person who closes the estate out in the end.
A probate court typically requires the original will to begin the process of settling your estate. A bank safety deposit box is not the best location because it may be difficult to access the box after your loved one dies. A secure location inside the home, is the best choice. Communicate the location of the original will to your family so they can easily access the will when they need it.
When you create or update your will, take it as an opportunity to create or revise your other estate planning documents. Do you have any powers of attorney (POA) in place should you become unable to manage your own finances or healthcare? A power of attorney gives an individual the power to act on behalf of another person. This legal document ensures a person that the medical and financial decisions are being made by a loved one and not a complete stranger.
A will should declare who will manage your estate after you die. These clear instructions should minimize any conflict between surviving loved ones.
It will also help you maintain control over who gets what from your estate.
Here are some good tips for creating a valid will, with the help of your attorney.
Kevin Miller believes the greatest gift a person may pass on to his or her family or loved ones is a well thought out and easy to understand estate plan. It can make a world of difference and make matters easier after a loved has passed.
Kevin Miller is an Oklahoma City Estate Planning attorney and is ready to assist you in creating a will so you have peace of mind should something happen to you. It is important that you make wills and estate planning a priority, especially in these extraordinary times.
Kevin Miller has extensive experience in estate planning and will put your interests first. Contact us or call us at 405-443-5100 if you have questions. We are here to help.