If you are planning to get your estate planning together, you know how important it is to set up the right documents. To make sure you do this, below are some things you need to consider so you can have peace of mind knowing your family will be well cared for after your death.
Distributing Your Assets through A Will
One of the first documents you should set up is a will. You will decide how you want to divide your assets among your family members. Once you are finished, the document will be legalized so no changes can be made to it. This will prevent your family members from having large fights because they will know they cannot do anything about it.
If you do not have a will, the state you live in will divide how your assets are distributed for you in any way they want. For example, they could give your land to a family member that you would not want them to have.
Caring for Your Children
One of the most important things about planning is for your children. You can decide who you and your spouse want your children to go to. If you do not do this, the court would decide this for you, and they could easily send your children to a family member that you do not trust. This person acts as a guardian until your children reach a legal age, which is generally the age of 18. Talk with the person you choose before you put their name in their will to ensure they will take on this responsibility.
Your lawyer may suggest that you establish a trust. A trust is an agreement that allows a trustee to hold your assets for the beneficiaries that you have set up. For example, if you have small children you would not want them to have control of any money or assets until they reach a certain age. You can specify in the trust how and when you want your assets distributed. This can save your family members a lot of time and money. A trust generally does not go to probate court.
Your attorney is the best resource you have in setting all of this up. They understand how the legal system works and how to set all of this up properly. For more information, contact companies like Garcia, Kinsey, Scott & Villarreal, P.L.C.Share