A will is important because it allows for your family, friends, or business associates to avoid fighting in court. The fight can get uglier if you have kids or have many properties and money. Also, without a will, the state will determine where your possessions go and the results may not align with what you want. When creating a will, you need it to be legally accepted by having it handled by an estate planning attorney in McKinney, TX. The following are important considerations:
Your Executor
Your executor serves as your personal representative. They will be in charge of handling your estate. Choose an executor you trust and who is organized and responsible. They will be dealing with lots of paperwork when administering your estate. Once you decide on an executor, let them know where they find your important documents like your will, login credentials for online financial accounts, and insurance policies.
Your Possessions
Your will covers both your real and personal property. Real property includes houses, land, and other immovable belongings while personal property includes stocks, bank accounts, family heirlooms, jewelry, stocks, and more. You need to have a comprehensive list to work from when deciding who will get what. Keep in mind that you can only distribute possessions that you own alone. Thus, if you have possessions owned jointly, you can only give your share to somebody else when you die.
Beneficiaries
Beneficiaries are individuals who will inherit your real and personal property according to your will. These can be people close to you such as your family and friends. It is important to clearly express your wishes in your will, even considering unlikely or unexpected events. In cases of no Will, a reputable people finder service such as https://www.longlostfamilies.com is brought in by court to help determine legal benficiaries.
Legal Guardian for Minor Children
Often, when a parent dies the surviving spouse gets custody of the minor children. However, this may not always be the case. Sometimes, both parents could die at the same time.
When creating a will, consider who would want to raise your kids when you die. This way, you can name a legal guardian for your minor children in the will. Talk to your chosen guardian to ensure they will agree to step in and take care of your kids.
Digital Legacy
If you have social media and other online accounts and websites, you would want to take into account what you would like when you die. Some websites have built-in provisions for handling your page when you pass away and you can pick your preferences now. However, you must also make your wishes known in your will. This allows your executor or other loved ones to take care of your digital legacy based on your wishes.
