Important Considerations When Creating Your Will
A will is an essential component of nearly any estate plan. This important document can protect a life’s worth of earnings and assets, and provide for your family in your absence. Whether you’re updating an existing document or starting from scratch, there are a few key considerations to keep in mind:
- It’s never too early to establish your plan. If you don’t already have a will, now is the time to reach out to a legal professional and get started. It’s always in your best interest to have a will in place as early in your life as possible. Keep in mind that without a will, your estate is subject to state laws and may be divided as a court official sees fit.
- Don’t forget to name powers of attorney. Designating power of attorney for healthcare and financial matters is an essential part of your estate plan. By taking this step, you are authorizing trusted individuals to act on your behalf for medical or financial situations in which you are incapacitated.
- Create separate wills. Although you and your partner may own the majority of your property jointly, most advisors strongly recommend that the members of a couple write individual wills. Separate wills ensure there is no compromise when it comes to distributing property and appointing an executor. Individual wills may also help reduce family conflict, especially if one or both spouses have children from previous relationships.
- Revisit and revise your documents. There is no set timeline for when to update your will, but it is generally very important to keep your documents up-to-date. Wills typically need to be revised when there have been major life events or financial changes. Examples of these changes include the birth of a child, a change in marital status or a significant increase (or decrease) in salary or investments.
For further guidance and advice on what to include in your estate plan, consult an experienced Tampa will and trust attorney at BaumannKangas Estate Law.