![]() ![]() It’s important to note that writing your will and ensuring its legality can be mutually exclusive factors. 3 Once you have stock of your estate and all the people you wish to include in the inheritance of it - from who will execute the estate to who will inherit its property - you are free to draft up your wishes accordingly on your own. You do not need an attorney in order to write a will. Depending on the type of power of attorney you create, you may act as your own agent or designate a trusted individual to act on your behalf should you become incapacitated. A trustee is another title designated to the person tasked with managing a trust. Just as important as the property you wish to pass on to loved ones are the people you choose to manage them.Ī will or a trust will require an executor - the person responsible for carrying out your wishes when the document is put into action. Name Your Agent, Executors, Trustees, and so on… And this kind of consulting can be done remotely through services like Legalshield, for example - a very 2021-appropriate service.įor more on beneficiaries and why they’re so important, look here. Much of this inventory can be done on your own, but enlisting the help of an attorney to review your estate or even just survey the assets you should include can be valuable. Children and spouses are obvious, but maybe you want a sibling to take over a certain title in the family business, for example. Beyond that, you should take stock of the loved ones in your life whom you want to pass your estate on to. ![]() Simply organizing your estate and taking stock of what you own is a major step in estate planning. And if you die without collecting these assets in something like a will, you are not guaranteed they will be passed onto the specific people you want. Real estate, cash wealth, investments such as stocks and bonds, and even personal, sentimental property such as cars, artwork, jewelry, furniture, or family heirlooms are all tangible assets that make up your personal estate. ![]() 2 Designate Your Beneficiaries and Assets A trust, on the other hand, governs all the property it’s been funded with, including things like insurance policies or even investment profits. It is a web of legal documents, titles, and steps that can be used for various reasons.įor example, a will gathers the property a person owns and can be used to designate how that property will be distributed once they have died. What is the difference between a will and a trust? When do I need a power of attorney? And which power of attorney will best serve my family and me right now or in the future?Įstate planning is often not as simple as writing a will. ![]()
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