There are many different estate planning documents. A will is an important estate planning document that can help to properly plan your future.
If you want to learn more about the importance and need for a will, some information is below. To incorporate a will into your estate planning or if you have any further questions, consult with an experienced estate planning attorney.
- Everyone needs a will! Everyone over the age of 18 should have a will.
- A will can always be changed as long as you are alive and well.
- Certain life changes may result in the need for an updated will.
- When creating a will, an executor (or someone you trust to manage your estate) must be appointed.
- It is important to choose a responsible and trustworthy executor.
- A will is used as an instructional guide to distribute assets after you die.
- Without a will, your assets may not be distributed as you had planned.
- If a will is not executed properly, it can be challenged.
- A will allows you to select guardians for your children if you pass away while they are still minors.
- Drafting your own will can result in errors! It is recommended that you consult with a professional when drafting a will.
- It is not recommended to include funeral instructions in a will because generally funeral arrangements will occur before a will is reviewed.
- A will should not list assets that are jointly owned. These assets will automatically be transferred to the other owner after your death.
- Do not list assets that have a beneficiary designation. This includes life insurance policies and retirement accounts.
If you have any questions about the need for a will, consult with an experienced estate planning attorney.
John Potter is an Estate Planning and Elder Law attorney in the Charlotte, North Carolina, area with offices in Ballantyne and Huntersville. John has been designated as a Certified Elder Law Attorney (CELA) by the National Elder Law Foundation and a Board Certified Specialist in Elder Law by the North Carolina State Bar Read More!
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