Preparing an estate plan smoothly and bringing everyone to a consensus is one of your key responsibilities before your last breath. Remember that you must prepare well in advance to plan and protect your estate.
Are you thinking of creating a will?
This might be the right time to think of it. Consider some estate planning attorneys now to discuss, in detail, drafting an estate plan. So in this article, we discuss some of the things that you need to consider in preparation or drafting your will of property.
Things To Consider While Drafting An Estate Plan
Remember, the only way to protect your estate is to draft an estate plan.
Unfortunately, this is not that easy, and you need the consultation of some bona fide lawyer to get things done for you.
But here are some points that you need to consider for sure while drafting your estate plan.
1. Make A List Or Prepare An Inventory Of Your Assets
The first thing that you need to do is draft an estate plan. This is really important from the point of view of a good understanding of items to be put under the divisions.
This listing will help the estate lawyer to distribute or pass down things smoothly and without much trouble. Therefore you need a good amount of planning, discussion, and homework.
2. Power Of Attorney
This is one of the most important things to consider while preparing an estate plan. Providing the power of Attorney to an individual is one of the most well-planned steps.
This means you nominate someone who can be in charge of the entire proceedings if you pass away suddenly. This acts as a safety measure to protect your estate and family from some real issues.
Now, this nomination requires trust. Consult some Atlanta Estate Planning Lawyers and also bring all the members of your family to decide on the power of Attorney. This is important from the point of view of safeguarding the property.
3. Make Sure That The Minor Children Are Provided For (Beneficiaries)
The safest thing for our property is to divide it among your children. But suppose your sons and daughter or all of them are minor, then things will become difficult in that case.
Minor children mean that they have not reached the age of maturity or adulthood. Therefore, at the point of your demise, they will not be able to make their own decisions.
In that case, you need to name the guardian who will take charge of the minor till they attain some kind of maturity (according to the laws and regulations of the USA).
In your absence, you, your nominated guardian, will be handling the financial affairs.
Another thing, you must also ensure that the name of the minor child is mentioned clearly on the deed. This is important indeed.
4. Make Sure That You Address The Tax Obligations
You are now planning to draft a will to pass on the baton on possessions to the posterior generation. Have you met all the tax obligations?
You need to clear all the taxes and outstanding on your property that you owe to the government.
This is important from the point of view of transparency and adhering to the laws and regulations of the country. Next, check what you owe to your creditors.
If you do not have tax liabilities or some kind of debt, make sure that you get all these cleared as early as possible. This will smoothen up the will preparation and property division.
Now Will Is Prepared, Store The Estate Plan In Some Safe Place
When you have drafted the will, you need to ensure that you keep everything in a safe position. Make sure that you have secured the will and keep it in a safe place. You can also keep the will safe in some banks.
Remember that safety of your property and family banks a lot on your serious intent. This is important from your point of view.
Therefore make sure that you have been mindful, professional, and responsible throughout. Then, contact some Atlanta Estate Planning Lawyers to manage things.