Planning out your will and getting your accounts and affairs in order is the last thing that you can do for your loved ones. No one has forever, but we can influence and guide those long after we are gone with the right preparation and consideration. You don’t need to make huge, massive changes that are felt and recognized throughout history. You can simply help set up your partner, children, or friends so that they can enjoy their lives that much more.
Greater security, comfort, and guidance can all be offered when you properly set out your assets and your will.
Settle Your Debts
Your will is only effective if you do not have debts or other outstanding penalties that will take precedence over your estate. Your loved ones won’t inherit your debt, but if you don’t settle your debts, you may not have anything left to give them.
Working with an attorney can also help ensure that you have ticked all the boxes and made all the necessary provisions. For example, if your partner has enough assets and a passive income on their own and does not need to be included in your will the same way that your children do, you will need to amend your will and go through the additional paperwork so that your money goes where you want it to.
Your last will and testament are not as straightforward as writing down who gets what. Work with a lawyer, settle your accounts, and draw up your estate so that you can accurately bequeath what you want to offer.
Decide on Your Funeral Preferences
Covering the cost and laying down all of your preferences is a smart and easy way to take a lot of the stress out of funeral planning. Covering the cost of your own funeral alone can give your loved ones the space to grieve without also worrying about going into debt. You will also be able to have greater control over your own send-off. It may seem like this should be excluded from your will, but this is the best way to ensure that your wishes are followed, especially if your personal beliefs differ from the people who would otherwise be organizing your funeral. You can plan out everything, from the funeral home to even what design of Commemorative Cremation Urns you want your ashes to be stored in.
How Your Monetary Assets Will Be Split Up
This will have to be worked out once again with your lawyer and your accountant to decide who gets what and why. Work out who needs what and how you intend to have the money distributed. You can have one person in charge of the trust, can give everyone a lump sum, and so on. You can liquidate all of your assets and then bequeath money, or you can split things up based on who wants them and needs them the most.
Sentimental gifts are an excellent way to send your loved ones one last final message. Think of it as a token that they can remember you by. These sentimental gifts can have value as well, of course. You could give your daughter your favorite pair of earrings, for example. Sentimental value simply means that the item meant something to the two of you, like a secret that they can use as a token to remember you by.