Creating a plan for the future through certain types of legal and financial documents allows you the opportunity to decide what you want to happen to your assets and property in the future. Estate planning is a process of creating a strategy for your long-term interests, and this generally starts by writing a will. A will is the foundation for any complete estate plan, outlining who should receive property after passing and what one wants to happen to his or her wealth.
Before you write your will
A will is a vital part of any estate plan, and it is in the interests of every individual to think carefully about the potential implications of the decisions they are making. Some important questions when drafting this document include:
- Did an attorney review the document or help with its creation?
- Is the executor named in the document a trusted individual?
- Is there a thorough list of all assets and liabilities included?
- Are there clear instructions regarding the distribution of assets?
- Are beneficiaries and heirs clearly listed?
After creating a will, it may be necessary to occasionally review all existing plans and determine if any life changes have made it necessary to update an existing will.
Thinking long-term
Creating a will allows a Texas adult to feel confident regarding his or her future interests. Every estate plan is different, and each should be custom-tailored to the needs and objectives of that individual. It may be helpful to speak with an experienced estate planning attorney to understand what one should include in his or her will.