You will want to include essential assets in your will like money, property, and family heirlooms.
Estate planning can be overwhelming, but it becomes much easier to manage when you understand the different parts of your plan and why they are essential. If you have not yet started an estate plan, working with the experienced professionals of The Millman Law Group is a great place to start. One of the first things to consider when planning for your estate is creating a will that outlines what will happen to your assets after death. You can include many things in a will, but the following essential assets must be carefully considered before inclusion.
Money
There are many ways to plan for what happens to your money. Your will gives you a chance to set aside money for end-of-life care, medical or funeral expenses, and any potential probate costs. Your will can specify to loved ones precisely where and how they can access funds for certain things. You will also want to list important bank accounts like checking, savings, and money market accounts.
Real Estate
Real estate comes in many forms, including homes, undeveloped land, and buildings. Your will should make it clear who gains ownership of which properties. If you have a mortgage on any property, you must consider how the debt will be paid off. A few things to consider:
- Will there be life insurance proceeds that can be put towards a mortgage?
- Will any properties need to be sold?
- Do you have a joint tenancy? If so, does your state allow for the right of survivorship?
Investments
Other essential assets to include in your will are your investments. Any investments, including stocks and bonds and mutual funds that are not in a retirement plan (such as an IRA, 401(k), etc.), should be included in your will with listed beneficiaries. This leaves no question about who gets what from your investments.
Businesses
Whether you operate a small independent business or you have ownership in a large corporation, you should include all business in your will. Make sure you have a defined succession plan to avoid confusion and stress. By designating someone to take over your interest in a business, you are setting up a smooth transition.
You may have to review paperwork from when your business was established to see if any plans were made. If you had decided that your business should go to a spouse, business partner, or be dissolved after your death, make sure your wishes still match those decisions.
Smaller Assets
A few essential assets people won’t want to forget are those that have sentimental value, which you wish to pass on to loved ones. This often includes jewelry, cars, family heirlooms, or art collections. If you want to ensure someone receives certain assets, your will is a great place to put your wishes in writing.
Another Great Planning Tool: Revocable Living Trusts
If you have a complicated estate, or you wish to avoid the probate process, you may discuss revocable living trusts with your lawyer. This estate planning tool is the most flexible trust option. It can give you immense control over adding or removing beneficiaries, changing assets, and altering instructions.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.