Estate planning is commonly associated with elderly individuals or those who have fallen ill, but it really can benefit anyone. In fact, the earlier you start your estate planning the better.
One of the first steps you are going to want to think about is drafting a will. The main function of this document is to provide instructions on how your assets should be divided upon your death, but it can also do much more. Outlined below are some important factors to consider before drafting your will.
1. Who will write it?
Your will is essentially a document that outlines your final wishes in writing. This may sound easy and like something you could take on yourself, but it isn’t that simple. Every state has specific laws on wills and the terminology used in the document can be very important.
By having someone with legal knowledge draft your estate plans, you can ensure that your wishes are recorded accurately and written in a legally binding format.
2. Who is most vulnerable?
Are your children adults now or still minors? Is there anyone in your family with unique health needs? Are you a primary caregiver for another person? When drafting your will, these are some important factors to consider.
Of course, you probably want to leave something behind for everyone, but if there is someone in your family who has special needs, then they may need to take priority in your estate plan. You can leave money in a will but you can also leave final wishes in terms of who should take your place as a caregiver.
Estate planning is not something that you need to tackle on your own. As well as discussing the topic with your family, make sure you consider seeking some legal guidance.
