For people near the Thief River Falls, Minnesota area who want to make an estate plan, creating a last will and testament will likely be a necessary part of the planning process. Wills are one of the legal documents that are essential to the creation of a comprehensive estate plan. To get the most out of the estate planning process, you’ll want to consider the following tips before you go in to meet with your attorney.
Last Will Tip 1. Don’t rely on your will as the sole piece of your inheritance plan.
Many people get what they know about wills from television, movies, or books. In a lot of fictional situations, a will is used as a dramatic device to create compelling stories. Many people, for example, believe that last wills and testaments are the only legal tool available to you when you want to leave inheritances.
This is not true. Even though your last will and testament will play a key role in the inheritance plan you create, it will not be the only tool you use, nor will it likely be the most significant tool. Most people creating inheritance plans rely on other devices to provide the primary method through which they pass inheritances.
Last Will Tip 2. Look to the future with an eye towards practicality.
As you create your last will and testament, you will also need to choose someone who will act as your estate representative after you are gone. This person, commonly referred to as the executor, will have the legal authority to manage your estate and make sure your wishes are followed.
Needless to say, the person you choose must be capable of serving in this important role when the time comes. If you choose someone who is of a similar age to you, you might inadvertently choose someone who is not able to manage your estate in the future. If that person, for example, is suffering age-related complications that prevent him or her from taking on the executor’s responsibilities, this could cause an unnecessary problem with your state.
Last Will Tip 3. When choosing a guardian, consider people other than close family.
Parents of young children who create a will must choose a guardian who will step in to the parenting role should the parent die prematurely. Most people who choose a guardian select a close family member, such as a parent or sibling. However, you shouldn’t automatically eliminate someone from consideration if that person is not a close family member. Consider the needs of your child and the kind of attributes a potential guardian should have when making your guardianship decision. If necessary, choosing someone not related to you can be a wise choice.