Do you and your loved ones have a will? While often overlooked until later in life, having an estate plan is absolutely essential for anyone. Whether you are old or young, married or single, a parent or without children, making sure that you develop an estate plan is important for people from all walks of life. Failing to build an estate plan can not only create a number of different issues in the future, but could also cause avoidable chaos. As such, proper estate planning is critical to provide well-being to your loved ones, and also to offer a sense of security.
People typically avoid writing a will due to the unpleasant nature of planning for your loved ones once you have passed. Research shows that nearly 40 percent of Americans over the age of 45 years old still do not have a will. If you fall into that subset, it is important to acknowledge that developing an estate plan must be on your list of things to do. A will is a legal document which declares who will be in charge of managing your estate upon your death. Wills include things like a financial power of attorney, a medical power of attorney, and in some cases, even a trust.
The following are important aspects to consider when preparing a will:
- Be sure to identify all of your assets comprehensively
- Think carefully about designated trustees and guardians
- Remember that beneficiary designations like life insurance and IRAs supersede wills
- Any type of joint property with a spouse is not within the scope of a will
- Do not attempt to make a will yourself
Hiring an experienced estate planning attorney to handle your wills and trusts is absolutely vital to properly protecting your family and loved ones. At the Law Office of Brenda Murzyn, P.C., we are committed to serving all of our clients, regardless of their holdings’ size. Contact our office today to speak with a qualified, accommodating, and personable estate planning lawyer as soon as possible.
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