4 Tips For People Planning Their Estate For The First Time

You work your entire life to create a life for yourself. When you pass away, a will puts your wishes about what will happen to your assets in writing. Many people don't know what to do when they first write a will, so here are 4 tips for people writing their will for the first time.

1. Start Early 

Only about 33% of American adults have a plan for their estate in case something happens to them. People don't want to think about their death, especially when they are still relatively young and healthy. People put it off because they think that they can. Dying without a will can have serious ramifications. It can create a fight about who should rightfully receive your remaining belongings. If family members have to fight in court, the value of the estate will get swallowed up by legal fees. Many times, it can lead to bad feelings in the family, too. 

2. Write Your Will With Your Partner 

Get your partner involved when you write your will. When you write your will together, it creates unity and decisiveness when the inevitable does eventually happen. Establish what is shared property and what is personal property. Determine what will happen in all possible scenarios, including if you die first, if they die first, and if you die at the same time. If you have young children, you will also need to clarify who will care for them in the case of an accident. You will also need to decide on important end-of-life decisions, such as what to do in the case of life support and whether you wish to be buried or cremated.

3. Decide on Your Beneficiaries 

Write down your shared assets and determine who will inherit those items with your partner. Large items, such as a house or large savings account, can be shared among a number of people. When you and your partner do this together, it eliminates a fight in the case both partners write down contradictory wishes. Next, you will write down your personal assets and determine who will inherit those items. If you have preferences about what happens to certain emotional items, clarify your wishes. 

4. Choose Your Executor 

Your executor manages your estate for you after your death. You can choose for your partner or a family member to act as your executor, or you can pick an estate lawyer to be the executor to ensure that family members can grieve instead of dealing with the details. Develop a relationship with your estate lawyer early to ensure that any updates to your will are handled properly and put into effect seamlessly. 

For more information on estate planning lawyers, contact a professional near you.