The task of drafting a will isn't the most enjoyable. After all, by doing so, you're actively making plans for your own impending death, in addition to admitting it as inevitable. That could help to explain why so many adults avoid using this important estate planning tool.
Check out this valuable video with advice from an estate lawyer with more than 34 years of experience in estate planning.
One of the most important things you can do for your loved ones is to make a will. Your heirs will have fewer headaches, and you will have peace of mind knowing that a lifetime's worth of belongings will go to the proper people if you put your preferences down in writing.
Many adults these days wish to give their children a legacy rather than just an inheritance. This entails putting the assets in a trust where they might help mold and shape them rather than ruin them. You want to inspire them while retaining their motivation to succeed.
Another factor is whether you have lost loved ones to specific illnesses or disorders, in which case you might think about giving some of your money to aid in their prevention. You can also wish to express your gratitude and give a financial gift to a non-family member who has helped you and influenced your life.
Even though no one likes to think about death, poor planning can cause family conflicts, assets being misused, protracted legal proceedings, legal fights, and excessive estate tax payments. Pick a time and get started..