It is never pleasant to think about death, but it is something that will eventually happen. As an adult, it is important to consider mortality and plan for the future. Whether you have children or are single, it is important to have a legal will in place and plan for your estate. By planning carefully, you are helping your loved ones by deciding who gets what and how exactly your estate should be handled.
To begin, you will need to have a will in place and get started on your estate planning. A will is a binding document that directs how you want your property and finances to be dealt with upon your death. If you were to pass away without a will in place, your desires for property and belongings might not be fulfilled. Having a will may also help to prevent disputes that can take place between family members.
A will can also set forth your wish as to who will take care of your minor children after your death.
Most people know who they want to take care of their children in case of their passing as well as who should be given ownership of their estate and belongings. With a will in place, your wishes can be addressed as efficiently as possible.
Probate Process and Executor of your Will
When you have a will in place, you can also name an executor. An executor is a person who will make sure that your affairs are in order, and the details of your will executed when you pass away. This can include cancelling credit cards, paying off bills, notifying banks of your passing, etc. By naming an executor, you are taking the stress of this process off of family members. Be sure to discuss your plans with and appoint an executor that you trust; an individual who is honest and organised, that will adhere to your wishes.
An experienced lawyer will ensure you have the right information and plan in place to take care of your estate. To learn more about this process, contact Pollock & Company to speak to a Wills and Estates lawyer today.