To protect your assets in the event of a medical emergency or death, you should create an estate plan stating what will happen to your property. This plan will ensure that your assets are cared for and properly distributed in the event of a tragedy.
There are a few things you must do to ensure that your last wishes are honored when the time comes. Follow these steps when creating an estate plan.
Hire An Attorney
An estate planning attorney will be extremely helpful when you are preparing your estate plan because they understand the steps you should take in order to avoid estate disputes between your loved ones. An experienced attorney will help you to identify any non-probate assets and ensure that they pass the loved ones of your choosing. In cases where a will has already been created, the will could be outdated and require an update if family members that you are no longer in contact with are listed as beneficiaries. A good estate planning attorney will look through every section of your will to verify with you that the executor and beneficiaries are still fit to carry out your wishes.
Identify Assets and Beneficiaries
Your will should identify all personal property, real estate, vehicles, financial accounts, and any other assets that you would like to leave to a specific person. After itemizing your assets, it is time to name the individual(s) who will receive the property. These individuals are called beneficiaries. You may want to let your beneficiaries know in advance what you are leaving to them so that they can be prepared to take on the property or asset when it is transferred to them. Documenting all of this information and informing beneficiaries will make it easier on the executor of your estate and help to prevent disputes among your loved ones after you are gone.
Write a Letter to Your Loved Ones
Sometimes there are things that you would like to tell your loved ones or beneficiaries that do not belong in a will. For example, if you would like to request that a sentimental item be left to an heir or you want to ask for specific funeral arrangements you can do so in a separate letter. Funeral arrangements are not on the list of things you should never put in your will, but there is a risk that your loved one will not see these requests in time if they are only set out in your will. Including this kind of information in a letter can help ensure that your last wishes are carried out. You can present this letter to a trusted relative, or hand it over to an attorney for safekeeping.
If you have questions about your existing estate plan, or you would like to create a plan for your assets, you should seek advice from an experienced attorney. An attorney will help you make sure that your assets are distributed the way that you feel comfortable with.
Contact our firm today for a consultation.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. The firm has earned a reputation for excellence across Georgia and the Southeast in providing representation to individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, conservatorships, businesses, and securities.
