When working with an estate attorney to draft your will, there are a few elements that must always be addressed. By thoroughly evaluating your assets, liabilities, and responsibilities, you can craft a will that fully addresses the needs of your beneficiaries. Here is what to consider when getting started.
What Features Should You Have in Your Will?
Consider which assets—such as finances, valuable possessions, or items with sentimental value—to include in your will, as well as who will get each item. Be specific when describing the property that each beneficiary will receive to avoid confusion later on.
2. Real Property
You will also want to consider “real property,” or any real estate that you own. As your estate attorney will remind you, you cannot leave your house to your children if you own it jointly with your spouse. Depending on the value of the real estate, it may be better to place it in a living trust, rather than including it in the will.
3. Guardianship & Property Management for Children
Accounting for the needs of minor children is a must. Your will should name a competent legal guardian who can care for the children if both you and your spouse pass away. You also need to select a trustee to manage your children’s inheritance until they come of age to ensure the assets are used responsibly.
Finally, your estate attorney should help you select an executor for your will. The executor will see that the terms of the document are carried out according to your wishes. As with guardianship, make sure your chosen executor agrees to this responsibility before naming them in the will.
If you need the help of an estate attorney to draft your will, contact Stephen B. Kaufman, P.C. in Bronx, NY. With over 40 years of legal experience, this lawyer offers reliable communication as he guides you through this sometimes tricky process. To learn more about the services offered by this law firm or to schedule a consultation, visit them online or call (718) 822-500.