When preparing the division of your estate for after your death, you may find the need to have a legal last will and testament in place. This document can serve many purposes, among those being dividing your assets among relatives and organizations as well as making arrangements for any minor children that may be left behind after your death. Having a will is a way for your attorney to be able to carry out your last wishes after your death in a timely and efficient manner.
Division of Assets
If you are leaving behind multiple heirs, it is wise to have a written plan of the division of assets that you desire. This can make it less complicated for your family members after your death, and can ensure that your wishes are carried out exactly how you want. Because a will is a legally binding document, this will eliminate some issues between family members when dividing the estate.
Arrangement of Accounts
In your will, you can leave special instructions for your benefactors to donate a portion of your estate to a charitable organization or other entity. Having this request in your will can make it an official order to be carried out upon your death. You can also leave instructions for the management of any accounts you may have, such as savings or stock market accounts.
Considerations for Minor Children
If you have children under the age of 18, you want to have specific instructions for who you want them to live with after your death. This ensures that the child will be placed with the person you deem most suitable to rear your children and can create peace of mind for you while you are living. Having clear orders for the care of your children can help make the transition into their new home easier after you are gone.
Although making a will can be a time consuming and somewhat daunting task, it is a necessary document to have in order when estate planning. Keep in mind that you can adapt your will as needed while you are living if you need to make changes, as could be necessary in cases of new children, divorce, or other circumstances. Although thinking about death is not a pleasant activity, preparing for your family’s future after your passing is an important step in getting things in order. If you have been considering writing your legal will, contact an estate attorney in Cherry Hill, NJ today to get started.
Thanks to Klenk Law for their insight into estate planning and what a will does.