Now that you are a parent, it is more important than ever to create a Will if you don’t already have one; and even if you do, it needs to be updated. Here are some key points to consider when preparing or updating a Will:
- Seek legal advice: It is advisable to consult with a qualified attorney who specializes in estate planning to ensure your Will is legally valid and covers all necessary needs.
- Determine your assets: Make a comprehensive list of your assets, including property, investments, bank accounts, vehicles, life insurance policies, and personal belongings. This will help you decide how you want them to be distributed.
- Choose a personal representative: A personal representative is responsible for carrying out the instructions in your Will. Select someone you trust and discuss their willingness to take on this role.
- Name guardians: If you have minor children, you can use your will to designate guardians who will take care of them in the event of your passing. Make sure to discuss this with the individuals you have in mind before including their names in the Will.
- Specify beneficiaries: Clearly state who should inherit your assets. You can allocate specific items or percentages of your estate to different beneficiaries.
- Consider alternate beneficiaries: It’s wise to name alternate beneficiaries in case the primary beneficiaries pass away before you or are unable to receive the assets.
- Update regularly: Review and update your Will periodically, especially after major life events like the birth of a child, marriage, divorce, or acquiring new assets.
While this information provides a general overview, it’s important to consult with a legal professional to ensure your Will meets all legal requirements and addresses your specific circumstances.
I am here to help. Contact me at 503-222-9057 for a consultation. I look forward to assisting you with your estate planning needs.