When you die, it is essential you have a plan in place for your loved ones to settle your estate. Nearly 55 percent of Americans don’t have an estate plan in place in the event they should pass away. One of the reasons for this is the fact that getting the ball rolling to make first estate plans seems so daunting to the average person. Some people may think that the cost of getting one will be high or don’t know where they can turn for the help they need. Denton 24hr Mobile Notary is here to give some tips for things that should be included in your first estate plan.
How to Create an Estate Plan for After Your Death
The first thing to remember as you get your first estate plan in place, is the fact that this document will not be your last. This is a document that can constantly be changed as your life situation is constantly changing. It is just important that you have something in place in the case of a tragic accident or other curve ball that life throws you. Hopefully, the changes that you make to it in the future will be small adjustments rather than starting from ground zero again. Here are the core elements that should be included in a first estate plan:
Choose an Executor for Will
When someone you love passes away, it can be an emotional time. This is why it is essential that there is someone that is placed in charge of getting it all settled. Without someone in charge, or an executor, your family could end up in court and ruining family relationships as they try and settle everything including your personal possessions and property. You should place someone that you trust to provide guidance and support to everyone as things are being settled once you die. It is necessary to have the chosen person sign a notarized Letter of Appointment of Executor to help prove they have been put in charge of your estate after your death. A court may require official notarized documentation.
Naming a Guardian for Your Child
If you have children, you want to know that they will be well taken care of if something happened to you. This is vital in ensuring their safety in a loving environment. It can be difficult to think of who would be the best person/persons to take care of your children if you were gone, but you should always discuss it with the people you choose. Establishing guardianship in a notarized will is one of the best things a parent can do for their children!
Final Distribution of Estate Assets
Your belongings are considered precious to those you love when you pass. They may not be worth much, but they are important. You need to have someone that is put in charge of your property and possessions when you die so that those you love don’t end up battling it out. It is best to have a plan in place to eliminate the confusion that can come from distributing your possessions once you are gone.