Many of us have a quite common misconception that the estate planning and making a will is only for the rich. It is not really true. If you are earning and you spend and also have some personal possessions, those can be distributed as per the rules and the regulations of the state. Such a will does not only include your material possessions but also includes any minors you might be having. Hence, it is important to consult an estate planning lawyer who can deal with your concern.
The essential planning
There needs to be a planning which one who do to make sure that your assets are distributed properly after your death. Estate planning is important to secure the safety and the future of your loved ones.
What has to be mentioned in a will?
Mentioned below is a quick snapshot of what has to be mentioned in the will of a person.
- The full name and the date of birth of the individual
- The full names and the date of birth along with the addresses of those who would inherit your assets
- The details of all your assets as well as liabilities
- The full name of your will executor
Once you have all the information ready you need to decide what category your assets come under. All the materialistic assets are always distributed by persons will. These include any real estate properties, cash, bank accounts, any safe deposits, jewelry and any heirlooms and so on. So, a person needs to understand that whatever is important can be included in a will.
If you have minor children, then it gets really important to make your will so as to secure their future. You can include the name of the guardian of the child in case of your demise. If you have a property, you can leave behind a portion of it for the kid’s upbringing and so on.
So, in case, you would be better off with an estate lawyer as he can help you with the best possible suggestion and also advise you with any legal issues as well.