Whether you’re starting out, or you’ve been through the process already, there are a few things you need to know about the estate planning process. It is very important to understand how to create a will, designate assets for probate or non-probate, and leave a legacy to a charitable cause.
Creating a will
Creating a will as part of your estate plan is an important step. It will provide clear directions for your executor to follow when dealing with your assets. It can also save you money and time later. It can prevent you from going through the expensive probate process. It also gives you the opportunity to decide who will take care of your children after you die.
A will can be simple or complex. It can be a document created by yourself or a lawyer. There are many online sites that can help you create a will. You can also use a packaged will writing program if you don’t want to hire an attorney.
The most important thing to consider when drafting a will is how you want your assets distributed. You can bequeath what you own, or you can set up a trust. If you have a large estate or assets that you don’t want to distribute by yourself, you can use a trust to protect them.
Designating assets for probate or non-probate
Choosing which assets to include in your probate or non probate estate plan is an important part of your estate planning. By choosing which …What You Need to Know About the Estate Planning Process Read More