Estate planning allows you to make important decisions now to protect your assets and loved ones in the future. One essential step in this process is creating a will and trust to ensure your final wishes are carried out just as you intended. However, for these documents to be effective, they must be properly prepared. Here are a few guidelines for developing a successful estate plan.

Do: 

Make a list of assets. 

One of the first things you should do is make a list of all the assets you own, such as real estate, personal belongings, and life insurance benefits. This gives you the opportunity to evaluate your estate and decide how you want your property to be distributed. It will also make it easier to determine what to include in your will and what to place in your trust. 

Choose your executor, trustee, and beneficiaries carefully. 

When creating a will and trust, you need to appoint an executor and trustee to manage your affairs once you’re gone. These individuals should be people you can count on to distribute your property as outlined by your final wishes. Additionally, you will need to name beneficiaries to receive your assets. 

Don’t: 

Don’t Fail to Properly Execute Your Documents. 

A will and trust that hasn’t been properly executed according to your state’s laws won’t benefit your loved ones. You must have witnesses sign your will and get your trust notarized. Otherwise, your documents won’t be legally enforceable when it comes time to administer your estate.  

Don’t Try to Prepare a Will and Trust Without an Attorney.

Wills and trusts are complex estate planning tools. If they aren’t handled correctly, you may have to pay a significant amount of estate taxes and your assets might end up in the wrong hands. To avoid any complications, work with an estate planning attorney who understands the tax consequences and probate laws associated with these legal documents. 

To learn more about best practices for composing a will and trust, consult an experienced estate planning attorney. The Law Office of Dawn N. Murata LLLC in Lihue, HI, can provide valuable legal advice and guidance on developing an estate plan that adequately meets your goals and needs. They have been helping clients of all ages proactively prepare for the future for more than two decades. This law firm proudly represents clients throughout the State of Hawaii. Call (808) 245-4572 to schedule a consultation, or visit the website for additional information on their specialties.