No matter your age or current health status, this should not lessen the importance of taken specific measures to complete an estate plan. While younger individuals may not be able to utilize all estate planning documents right away, there is one essential document for everyone to complete long before they are elderly, frail and unable to properly draft the document. A will is an essential document that protects the interests of an individual in they become incapacitated and memorializes an individual’s wishes with regards to asset distribution to heirs and beneficiaries.
If you are mentally prepared to initiate and complete the will drafting process, there are some important details and factors to consider. Taking these pointers into consideration will help with your decisions to draft a will at the right time and ensure that you include all important details.
For example, if you are currently in the workforce, this would be a good time to start thinking about drafting a will. Another life event that sparks the need to draft a will is becoming a parent. Most experts agree that if you have a child or children, you should have a will. No matter your age or the age of the child, it is important to have major decisions set in place, such as who would care for the child if something were to happen to you and your spouse. Additionally, this will ensure that your child gets what you desire to pass onto them at your death.
Once you have decided that it is time to draft a will and you have determined what the document will address, it is essential to proceed properly and effectively. This means appointing an appropriate executor. Finally, you should consider factors such as giving to charity, who will handle you accounts and who will get your assets and property.
The will drafting process is not easy to initiate and it can be a difficult and lengthy process to complete. Nonetheless, it is an important step to take because it protects the interests and rights of several parties. Additionally, it is the only way to give yourself a voice after your death, ensuring your wishes are met.
Source: Nearsay.com, “Estate Planning Tips: 3 Reasons to Draft a Will ASAP,” Feb. 1, 2017