It's important to have a set-in-stone plan for your family if something should happen to you. Although no one likes to think about this, it is important for you to make sure you make things as easy as possible on your loved ones after you are gone. Also, it will be comforting for you to know that your wishes are respected once you are gone and the best way for you to know this is to make sure you make your wishes known by creating an estate plan.
Creating an estate plan is a very personal thing that will give both you and your loved ones some peace of mind. Your estate plan will not be the same as anyone else's, but it will still ensure your wants are known and made clear. The following instructions will give you a great place to start.
Create and finalize your will
When you create your will, you are going to need to name someone as the executor to your will. This is the person who is in charge of making sure the things you have stated in your will are followed and the beneficiaries receive what you wanted them to receive. You should compensate the executor with a fair payment, since being the executor of a will can be hard work.
You are going to need to choose your beneficiaries. The beneficiaries are the people who are going to acquire your assets which include, but are not limited to, your cash, your home, other property you own, your vehicles, and anything else that you own outright.
When you are naming off who gets what, it is extremely important for you to be very specific. You aren't going to want to leave any room for interpretation or arguments.
Sign your will according to your state laws. This means making sure you have it notarized and have a certain number of witnesses, according to state law. If your will isn't properly signed, then it can be disputed. Also, make sure you store it somewhere safe and let the executor know where that is.
Name a power of attorney
You should name someone as your power of attorney. This is going to be someone you truly trust because they are going to be the ones to step in and make decisions on your behalf if you are not able to state your wants due to being incapacitated for any reason.
Hire a lawyer
Last, but definitely not least, you should consider hiring an estate lawyer to help you with everything detailed above. Hiring a lawyer is going to make the entire process a lot easier on you. Also, the best part of having a lawyer assist you is you will know that everything is done right, so you don't have to worry about anything coming up that is problematic.