August is National Make a Will Month. Many of us think about what our final wishes are, but it’s important to set those wishes in writing.
Creating a legal will and estate plan is a critical aspect of financial management that ensures your assets are distributed according to your wishes after your passing.
It’s never too soon to start an estate plan. Here are a few tips to help get you started with the will and estate planning process:
Consider your goals and objectives for your estate plan. Clarify your wishes for asset distributions, property, guardianship, and any other specific considerations you may have.
Build a comprehensive list of all your assets, including bank account, investments, real estate, personal belongings and more. This helps to designate what goes where in the event of your passing.
Start to decide on who the beneficiaries of your estate will be and who you would like to appoint as the executor to administer your estate.
Consult with an experienced estate planning attorney or professional who can provide guidance and ensure that your estate plan meets all legal requirements and addresses your unique needs.
Habitat Orlando & Osceola provides education and resource materials to educate the community on proper estate planning. Click here to register for our upcoming Habitat U course.
Updating your will
Updating your will is also as important as creating a will. Your will should accurately reflect your family’s current situation such as marriage, divorce, the birth of a child, adoption, and death of beneficiary. Relationships evolve, and the people you may have initially chosen as beneficiaries or executors might no longer be appropriate. Regular updates allow you to reassess these decisions and make changes as needed.
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