Planning for the passing of your life can be a heavy pill to swallow and can oftentimes be something that gets overlooked. The process of creating a Will can quickly get overwhelming but having a legally binding document in place that specifically indicates how you would like your estate to be handled is peace of mind for your loved ones left behind. When there is a plan in place, the stress, anxiety, overwhelm, (and in some cases the unwanted confrontation that may fall upon the executor of a Will), will be greatly reduced or ultimately eliminated. Even though it is a task that no one enjoys doing, seeking the guidance of a wills lawyer can help alleviate overwhelm and ensure that you’ve covered all of your necessary assets in your Will.
Understanding the Difference Between Probate and Non-probate Assets.
Each item you own has some sort of value, whether it be worth a little or a lot. When it comes to specific financial assets such as insurance policies and employer benefits, most require you to list a beneficiary (someone who you have designated to receive the money associated with the policy or fund). Such assets are considered non-probate assets. Items that would be considered probate assets are typically those of which may have a smaller financial value such as clothing, jewelry, electronics, etc. (be can sometimes even be items such as property or vehicles) that have not been specifically included in the Will to a beneficiary.
What May Be the Most Important Assets to Include in Your Will and What is the Very First Thing You Can Do To Begin Creating Your Will?
The most important assets you should include in your Will should revolve around how your money should be used (stocks, bonds, cash from bank accounts, or any other financial investments). Of all the available money, what will be used to pay for an outstanding debt and funeral costs, what should be done with any real estate that you own (including any business ownership or assets if applicable), and guardianship over living things in your care (pets and children). The best way to begin addressing the creation of a Will is to make a list of all of your valuable assets and personal belongings.
What Are Some Assets That Do Not Need to be Included in Your Will?
Assets that do not need to be included are the assets that already have an existing path of possession in their documentation. These would include things such as those non-probate items listed above that require a beneficiary or any assets that have been designated to go into a living trust. Including these, such items in your Will could end up causing complications, especially if different beneficiaries are listed within each piece of documentation. It is always best practice to regularly check-in and update all of the documentation that lists a beneficiary.
Matus Law Group is Comprised of a Carefully Selected Team Who Combined, Have More Than 20 Years of Experience in Estate Planning For the Future of Families.
Aside from making the determination of what should or should not be included in your Will, it must also contain the appropriate language to be binding in the court of law. If you are interested in learning more about how we can help plan for the future of your loved ones, contact us today!