You’ve made the decision to address your estate plan, which is a very important step. First of all, you’re going to address your will. You have a rough idea of what this should include but you really want to be clearer before moving forward.
Outlined below are a few key elements that you should consider before drafting your will.
What possessions do you have?
Have you recently purchased a house or new vehicle? These are items that the average person might own. However, ownership is not always as straightforward as it first appears. Is there an outstanding mortgage on the house or a loan on the car? Do these debts need to be paid back before anyone can see the benefits of the assets in an inheritance?
It’s also important to think about assets that may unorthodox. For example, do you have cryptocurrencies that you expect to increase in value in the coming years? Is there an antique art collection in your basement that’s difficult to put a price on? Gaining an accurate assessment of all of your possessions is going to be pivotal while drafting your will and other estate planning documents.
Making provisions for the children
A large part of the estate planning process centers around distributing wealth, but it is more diverse than that. In your will, you can also include clear instructions on how you would like your children to be raised and who you would like to do this. As a parent, your kids are likely to be your top priority, and your estate plan can ensure that they are looked after no matter what happens to you.
You don’t have to draft a will on your own. Having legal guidance behind you can help ensure that your final wishes are secured in a binding document.