An aspect of becoming older deals with end-of-life pre-planning. This type of planning varies from person to person, but there are aspects of the process that are generally the same. In addition to funeral pre-planning, you will also find that wills are vital to the planning process for you and the family members you will leave behind. In order to prepare properly, you will likely need an estate planning lawyer. Here are some things to know about your will and estate planning and how each key point may affect your situation.
Drawing the Will
Drawing up a will is the first step in many estate planning processes. This step ensures that you leave the items or financial amounts to the family members you choose. For example, you can ensure that a nephew receives a certain amount of money for university tuition while another family member receives items that are heirlooms in the family. Keep in mind that your estate planning lawyer will make sure that the most important items are delegated first and that other items, such as heirlooms and antiques, are covered later.
Choosing the Executor
When you have your will drawn up by the estate planning lawyer, you will need to choose an executor. The executor of the will ensures that your final requests are carried out. The executor can be a family member; however, many people choose to have a third party become the executor. This means that you will have someone who is unbiased and will ensure that your plans are carried out just as you want them without trying to do something you did not want based on liking one family member more than another one.
Part of the estate planning process may deal with special instructions you have. An example of this would be if you leave a certain amount of money to a family member to pay for their university tuition. You may state that you want the money to be left under certain circumstances such as a specific university course of study being chosen. This special instruction can be placed into the will by your estate planning lawyer.
When you are ready to begin planning your will and other end-of-life planning, contact your estate planning lawyer. They can schedule a consultation for you. During this consultation, the lawyer can discuss all your options. They can also answer your questions about your will and the family that will be part of that will after your death.