An estate at will is the perfect way to plan your estate in case you get sick, and are unable to make decisions for yourself. However, many people don’t know how this type of estate planning works, or what they need to do in order to have one set up. In this blog post we will go over 12 things that you should do if you want an estate at will!
Create a will if you don’t already have one. It’s important to establish what happens with your assets and debts when you die, so that the right people are contacted and notified of your death as soon as possible.
Make sure all beneficiaries understand their responsibilities under an estate at will. If someone is named in your estate at will, they may need more information about how this type of arrangement would work for them – including whether or not it applies to any minor children from previous marriages, etc.
Give copies of your estate at will documents to anyone who is close enough to make decisions on behalf of those mentioned in the document (for example: family members), but keep one copy yourself! This way there can be no confusion about what your wishes are.
If you have a spouse or partner, it’s important to keep them informed of your estate at will documents and make sure they agree with the arrangements outlined in these documents before any major decisions need to be made (about whether or not to sell assets, etc.). It could also help if both partners sign an “Informed Consent” letter discussing their understanding of the arrangement.
Have a conversation with someone close by when signing up for new accounts like bank cards, retirement plans, investments, social media profiles that contain sensitive personal information so that there is no question about how things should happen after death – yet maintain some level of privacy during this process!
Give copies of key estate at will documentation to a friend or loved one and ask them to keep it in a safe place.
Consider using estate planning software if you are an executor of the estate, as this can make things easier during emotional times.
Make sure that any documents related to your estate at will (will, trusts) have been copied for all parties involved – including yourself!
Create accounts on social media platforms so that they could be updated after death should you pass away. This is important because there may be sensitive information posted about family members, relatives etc., which would then need to be removed from the internet following your passing.
Ensure wills include provisions for burial expenses along with funeral arrangements; what type of service do you want? Who wants to preside at funerals?
Consider creating a document for your executor, which includes things like what you want to be done with any pets. For example: “I am leaving my beloved feline companion, and I would prefer that he/she stay in the house.” Or: “Please find a loving home for my Doberman named.”
Create an advance medical directive so that if something happens where you are too ill or incapacitated to make decisions on behalf of yourself, then it is clear who will act as your proxy decision maker. This should include whether they can also make financial decisions about your care and how much information such people need to receive before making their decisions.
The article offers 12 ways that you can manage your estate at will.
Get a power of attorney so that your spouse or another trusted person can take care of things like paying bills and filing taxes on your behalf if you are incapacitated.
If you’re not married, but have children under 18 years old who live with you then consider creating a cohabitation agreement to help make sure they inherit what’s theirs while protecting any property rights for yourself
Update any beneficiary designations in life insurance policies to ensure the people listed receive all assets as intended when they need them most.
Consider making an appointment with someone such as an estate planning lawyer or financial planner to get their advice about how best to manage your estate at will going forward.
The article also includes other ways that you may want to prepare for the future so that you are not stressed about this or burdened by it when the time comes.