For many, thinking about death, especially their own, is incredibly upsetting. As such, many people put off estate planning as they do not want to think about what will happen when they pass. However, it’s critical to create a Will, as this determines what happens to your assets upon your passing and can help you care for your loved ones. If you’re unsure what information you must put in your Will when you’re ready to begin planning your estate, you’ll want to keep reading. Additionally, the following blog explores how a Medina County, Ohio Will preparation lawyer can assist you to help you achieve peace of mind.
What Information Should My Will Include?
When creating a Will, it’s essential to understand what information must be included. Generally, the first thing you must determine is who will serve as the Executor. Essentially, this entity will oversee the distribution of your estate to ensure it follows the terms of your Will. When naming an Executor, you’ll want to choose someone trustworthy and responsible and, if possible, name an alternate in case your first choice cannot assume the role.
Next, you’ll want to clearly state which assets you want to go to which Beneficiaries. This is the most critical aspect of a Will, as it allows you to dictate how you would like your estate handled upon your passing. You’ll want to be as specific as possible during this portion to ensure your wishes are met.
Finally, you should also include information regarding the care of minor children, if you have any. This includes naming someone to assume the role of their guardian should something should happen to you.
How Often Must I Make Updates?
Though you may think estate planning is over when you create your Will, this is far from the truth. In reality, you’ll need to continue to update your Will as your family and assets change. For example, if you get divorced, you’ll likely want to update your Will to exclude your spouse from inheriting your assets upon your passing. Similarly, if you purchase a new home or vacation property, you’ll want to ensure your Will reflects your assets.
As such, it’s recommended to update your Will every time a significant life event occurs or to review the terms every three years in case something changes.
How Can an Attorney Assist Me?
Because Wills require specific language to ensure they are not only legally binding but adequately reflect your wishes, it’s essential to connect with an experienced attorney to discuss planning. They can help you achieve peace of mind for the future by guiding you through the complexities of this process.
At Krause Law, we understand how important protecting your assets is to you. That’s why our team is ready to help you create a comprehensive Will to provide for your loved ones after your passing. Contact us today to discuss your circumstances and learn how we can help you through these matters.
