Mt. Juliet and Lebanon, TN
When considering a will, it can be difficult to think of everything but leaving out important details could mean your estate ends up in the wrong hands or spent unwisely. Everybody needs a will and only about half of us actually have one. The purpose of a will is to lay out who will get what and how they will acquire your assets. Here are a few tips to keep in mind when planning your will. When in the doubt, consult an attorney for rules regarding these specifics.
Be honest with yourself when choosing an executor of your will. An older child is not necessarily the wisest choice. Be sure that you choose someone who makes good decisions and is someone that you can trust.
Something to think about is if you have a blended family, will you include step-children or not? If step-children have come into play in your life and become like your own children to you, do what is right and consider having them in your will.
When delegating your assets, think past your house and money. Maybe you have a special piece of jewelry or antique that you would like to go to a specific person. If so, these wishes need to be spelled out in your will. Do not leave those who will inherit your assets to argue over these prized possessions.
When planning an estate, there are also tax ramifications to consider. Consulting an attorney can help you become educated on the tax clauses so that you can consider your family’s dynamics, needs, and shortcomings. Do not expect your attorney to be knowledgeable about your family background. Their advice is to help present your legal options, but you ultimately have to make the decision on what is best for your family.
When planning your will, remember to include your wishes regarding a long-term care facility and estate planning. Consider what you would like to happen to your estate, should you need to rely on long-term care. Your assets could quickly dissolve if you require long-term care. Therefore, it is important that you consider how you can best protect your assets.
Yancy Belcher, attorney at law, can put your mind at ease by assisting you with estate planning, a will, trust, and more. It is always best to consult an attorney when considering a will. Yancy Belcher welcomes clients of Mt. Juliet, Lebanon, and Hermitage, Tennessee.