If you've started talking about will planning, you're likely in a pretty tough spot and panicking about what will happen when you're gone. Some might say it's presumptuous to assume that someone will leave estate planning until the last moment, but the numbers don't lie. When it comes to planning their own estate, most respondents agree that they've never discussed a will, an executor, or anything else related to the plans they want to carry out after their death. That just doesn't make sense. Of all the unanswered questions people face, there's one question they've known the answer to since they were young: Are we going to die someday? We may not know when it will happen, but it will happen, so it makes sense to start planning how we will distribute our accumulated wealth and worldly possessions after we die.
Assuming you have started planning your will, it is best to think about a few things before formalizing the document:
Identify all your assets
How much money do you really have? Do you own property? Do you have any retirement accounts you need to identify? Everything becomes part of your estate, so you need to make sure you keep track of everything that belongs to you. The more complete the picture, the less likely it will cause problems later if something goes wrong.
Selecting an executor
You would like to choose someone you can trust to handle your will after you die. This is not an easy decision, and depending on your family and friends, the final decision may be stressful. Still, you'll want to choose someone who will support you.
Get expert advice
There are a number of services that help people make wills through their website. While convenience is good, remember that a will is a binding legal document. Don't leave important documents like this in the "cloud". Consult a good wills planning attorney Suffolk County to make sure you dot every “i” and cross out every “t.”
Planning your will is not easy and makes you think about things you don't want to do. Nevertheless, you do not want to burden your relatives with having to deal with how the state (i.e. the state government) treats your property. Be proactive and start planning early. This is even more important if you have children. You never know when you won't be here, but it's reassuring for your family to know that you took the time to make sure everything was okay.
