Legacy Planning: Your Guide to a Last Will and Testament
Most people don’t like to think about death. But the reality is, it’s a part of life. And if something happens to you, you want to make sure that your loved ones are taken care of. That’s where a will comes in. A will is a document that outlines your wishes for what should happen to your estate after you die. It can be simple or complex, but it’s an essential piece of documentation that everyone should have. In this blog post, we will discuss the importance of creating a will and why you need one. We will also discuss how New Century Investments can help you prepare for meeting with an estate attorney. So read on to learn more!
Who needs a will?
Everyone with assets and/or family – there’s no excuse not to
If you die without a will, your estate will be subject to the laws of intestacy, which means that the state will decide how to distribute your assets. This could mean that your loved ones don’t end up with what you intended for them to have.
Creating a will is an important way to protect your loved ones and ensure that your wishes are carried out after you die. But it’s not just about protecting your assets – it’s also about peace of mind. Knowing that you have a will in place can give you and your loved ones peace of mind in knowing that everything is taken care of should something happen to you.
When should you create a will? The answer is simple – as soon as you have assets and/or someone who depends on you financially.
What happens if you don’t have a will in place
If you die without a will, it’s called dying “intestate.” When this happens, the state you live in will decide how to distribute your assets. This process is usually long, costly, and can cause a lot of stress for your loved ones.
Creating a will is one of the most important things you can do for your family. It gives you the peace of mind knowing that your final wishes will be carried out exactly as you intended.
There are many factors to consider when creating a will. You’ll need to decide who will be the executor of your estate and who will receive your assets. You’ll also need to think about any debts or taxes that need to be paid.
The best time to meet with an estate attorney is before you have any major life changes, such as getting married, having children, or buying a home. This way, you can ensure that your will is up-to-date and reflects your current wishes.
There are two main ways to create a will: through an electronic service or by hiring a personal lawyer.
When is the best time to create a will?
The answer may surprise you. The best time to create a will is actually before you need one. That’s because, as the old saying goes, “the best time to plant a tree was 20 years ago. The second best time is today.”
The same can be said of wills. If you wait until you’re sick or injured, it may be too late. You may not have the mental capacity to make decisions about your estate at that point. So, it’s important to plan ahead and create a will while you’re still healthy and able to do so.
But what is a will? A will is simply a document in which you state your wishes for how your property should be distributed after your death. You can also use a will to appoint a guardian for your minor children.
Wills are an important part of estate planning, but they’re not the only tool you need. You should also consider creating a living trust, which can help avoid probate and provide more flexibility than a will. You also have the option of titling assets and listing beneficiaries to avoid probate. You may also want to meet with an estate attorney to discuss your specific situation and needs.
What goes into a will?
A will is a legal document that outlines your wishes for how your property will be distributed after you die. It can also name a guardian for your minor children and appoint someone to manage their financial affairs.
You should create a will if you want to have any say in what happens to your property after you die. If you don’t have a will, state laws will determine how your assets are distributed, which may not be in line with your wishes.
Ideally, you should meet with an estate attorney before any major life changes, such as getting married, having children, or buying a home. This way, they can help ensure that your will is up to date and reflects your current wishes.
However, even if you don’t have a will, it’s not too late to create one. You can do this at any time, and it’s never too late to make changes to an existing will.
How to create, update or change your will
A will is a legal document that details how you would like your assets to be distributed after you die. You can also use a will to appoint a guardian for your minor children and pets. Creating a will is an important part of estate planning, and it gives you peace of mind knowing that your loved ones will be taken care of according to your wishes.
There are two main ways to create a will: through an online service or by working with an attorney. Online services are typically less expensive and more convenient, but they may not be right for everyone. If you have a complex estate or want more control over how your assets are distributed, working with an attorney may be the best option.
When deciding whether to create a will online or through an attorney, there are a few things to consider:
The value of your estate: If you have a simple estate with few assets, an online will may be sufficient. However, if you have a complex estate with multiple assets and beneficiaries, working with an attorney will give you more control over how your assets are distributed.The complexity of your wishes: If you have straightforward wishes for how you would like your assets to be distributed, an online will may be sufficient. However, if you have specific instructions for how you would like your assets to be distributed or want to appoint a guardian for your children, working with an attorney will give you more flexibility in outlining your wishes.Your peace of mind: If you want the peace of mind knowing that your will is legally binding and will be executed according to your wishes, working with an attorney may be the best option.
Once you’ve decided how to create your will, the next step is to gather all of the information you’ll need. This includes a list of your assets and debts, as well as the names and contact information for your beneficiaries. You’ll also need to decide who will serve as executor of your estate. This person will be responsible for carrying out your wishes after you die.
If you choose to work with an attorney, they will help you gather all of the necessary information and draft your will. Once it’s been created, make sure to keep it in a safe place where your executor will be able to find it easily. You should also update your will periodically to reflect any changes in your assets or beneficiaries.
If you have any questions about creating a will or estate planning, our team at New Century Investments can help. We specialize in tax-focused financial planning and can provide guidance on the best way to create a will based on your unique circumstances. Contact us today to learn more.
When should you meet with an estate attorney?
You should meet with an estate attorney when you have a significant amount of assets or property, when you have young children, or if you are concerned about potential disputes among your heirs. If you have a will, it is important to review it regularly and update it as needed. You should also review your will if there are changes in your family dynamics, such as the birth of a child, the death of a spouse, or a divorce.
An estate attorney can help you determine the best way to structure your assets and property so that they pass to your heirs in the most efficient and effective manner possible. An attorney can also help you navigate the probate process, which can be complex and time-consuming.
If you are considering using an online estate planning service, it is important to understand the limitations of these services. Online estate planning services typically provide only basic document preparation and may not be appropriate for your specific needs. In addition, online estate planning services may not be able to provide the level of personal service and attention that you would receive from an experienced estate attorney.
When making decisions about your estate, it is important to seek the advice of a qualified professional who can help you understand your options and ensure that your wishes are carried out in accordance with the law.
The importance of having an executor for your estate
An executor is someone who is responsible for carrying out the instructions in your will. They will make sure that your assets are distributed according to your wishes and that any debts or taxes owed by your estate are paid. It’s essential to choose someone you trust to be your executor, as they will have a lot of responsibility. You should also choose someone organized and capable of dealing with paperwork and finances.
If you don’t have a will, your estate will be distributed according to the laws of your state. This may not be what you want, so it’s important to have a will in place. You can use a will to specify who you want to receive your assets, and you can also use it to appoint a guardian for your minor children.
You should meet with an estate planning attorney to discuss your will and ensure it’s valid. You can also create a will online, but it’s important to make sure that it’s done correctly. New Century Investments can help you review your tax and financial decision to help your attorney create the will most appropriate for your situation, and make sure that it’s valid. We will also look at your situation to determine what you need to be aware of and help you feel confident going into meet with the attorney. Contact us today to learn more about our services.
How New Century Investments helps you feel confident when you meet with your attorney to create a will
When you sit down with an estate attorney to create a will, there are a lot of things to consider. Who will get what assets? How will your debts be paid off? What happens if something happens to you and your spouse at the same time?
These are tough questions to answer, but they’re even tougher when you don’t have someone in your corner who can help guide you through the process. That’s where New Century Investments comes in. We’re not only highly knowledgeable in tax-focused financial planning, but we also have experience working with estate attorneys. We’ll sit down with you, review your situation, and help determine what’s best for you and your family.
Creating a will may not be something you want to think about, but it’s an important step in protecting your loved ones. With New Century Investments by your side, you can rest assured that your will is in good hands. Contact us today to learn more.
As you can see, there are many good reasons to have a will in place. It’s one of the most important things you can do to protect your loved ones after you’re gone. And at New Century Investments, we can help you prepare for meeting with an estate attorney. We will work with you to create a tax-focused financial plan that considers all your assets, liabilities, and your unique situation. We will also help you understand the various options for creating or updating your will. So contact us today to get started!
Take the Next Step
Now that you know the importance of having a will, it’s time to take action. New Century Investments can help you create a holistic, tax-focused financial plan that takes into account all your assets and liabilities. We will work with you to understand your unique situation and create a plan that meets your needs. Contact us today to get started! Schedule now
Matt Ward, CFP®