If you think it is time to begin writing your will, you are probably right. It is never too early to write your will, especially if you have children who may benefit from it. When it is time for you to pass on, you want to ensure your assets go where you want them to. If you do not create a will, it oftentimes leaves a mess for your children to sort out, which is hardly what any parent wishes. While writing your will may seem like a daunting task, with the help of an attorney and a bit of self-education, you’ll have your will completed in no time.
What is the first step in writing a will?
The first step is deciding who will draw up your will, once you are ready. While they do make kits for writing your own will, these kits do not come without potential legal pitfalls. Generally, it is in your best interest to contact a knowledgable attorney who would be happy to guide you through the process to ensure your will is executed just as you want it to be. By using a kit, even a small misphrase on your part may put your inheritance in jeopardy. Once you establish who will draw up your will, you will have to pick an executor. The executor you appoint is in charge of carrying out your estate wishes upon your death.
What is a trustee?
If you are the last living parent of a child under 18 years old, you may wish to appoint a trustee. Essentially, a trustee will manage your investments, money, and property until your child is of age to do so him or herself. This is a big responsibility, so you must also make sure the trustee you appoint is someone you know will do their job honestly.
What is a guardian?
Though no parent ever likes to think of something like this happening, if you are the last living parent of a child under the age of 18, you should definitely consider appointing a guardian. If you do not do so, the court will usually appoint one on their own, at the time of your death. No parent wants their child around someone who would not look out for their best interest, so it is extremely important you find somebody you trust raising your child, and have a conversation with them about being your child’s guardian in the event of a tragedy.
Contact our New York firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.