Do you know what to do when it comes time to put your estate in order? It's important that you have an experienced California estate planning lawyer on your side. They'll help guide you through the process and ensure that all of your wishes are met. In this blog, we’ll take a look at 5 questions to ask before writing your will.
1. What Are Your Assets?
When it comes to estate planning, the first question most people ask is "what do I need to put into my will?" However, this is not the only important asset that needs to be considered. In order for you and your family members to have a complete picture of your assets, you should identify all of them so that they are properly distributed according to your wishes.
Assets can be tangible or intangible, such as bank accounts, investments, home equity and retirement plans.
The earlier you start creating a system for identifying and cataloguing your assets, the easier it will be to protect your assets during your lifetime and afterwards when you pass on.
2. Who Will Be the Executor of Your Estate?
Your executor will be the person with a legal responsibility to carry out your final wishes and make sure that any assets left behind are distributed according to your instructions. The executor is responsible for gathering up all of your important documents, bills, financial information, and anything else related to the estate.
When it comes time for an estate sale or liquidation sale after someone dies, it's usually the executors who are in charge of making those decisions. They're also in charge of handling any outstanding debts or other things like paying off mortgages on homes before giving them over to beneficiaries.
The first step when naming an executor is deciding what adult in your life would best be able to handle this type of responsibility without causing additional stress during a difficult time
3. Who Will Take Care of Minor Children if You Die Without a Spouse or Partner to Do So?
If you are a parent who is not married, or you’re considering what would happen if you and your spouse died together, the question of what will happen to your children can be stressful. The good news is that there are ways to ensure their safety and security in the event of your death.
One option is to name someone as guardian of you children in you will. Another option might be creating a trust for minor children, which would allow your children access to the money they need while still maintaining parental control over how it's spent.
Either way, when deciding on guardians or trustees for minor children it's important to think about what would work best for everyone involved.
4. Do You Need to Include Any Specific Instructions For How Your Property Should Be Distributed After Death, Such As Charitable Donations Or Gifts to Family Members And Friends?
In order to provide peace of mind for you and your loved ones, it is important to have a will that divides up your property in the manner you wish. These distributions can be to family members, friends, or even charitable organizations. Estate planning attorneys can help you create this document and ensure everything is done correctly.
5. Have You Taken Steps to Minimize Estate Taxes on What Is Left Behind in Your Name After Death (Such As by Using Trusts)?
Depending on where you live and how much your assets are worth, your estate may be subject to estate taxes. In addition, assets that you leave to your loved ones may be subject to inheritance taxes. We can help you identify your tax liability and craft an estate plan that maintains as much of your legacy as possible after you pass. Contact our office today to learn more.