As people age, they naturally put more thought into estate planning than they did when they were younger. For many seniors, a last will and testament is the best way to leave their legacy for future generations.
The Importance of a Will
A will allows you to financially care for the loved ones who cared for you during your lifetime. Leaving an inheritance to your children, grandchildren, or other family and friends ensures your legacy lives on in those you love. Even if the inheritance you leave won’t be large, there are a number of reasons you should still have a will. Without a will, the court system will be left to determine who can claim your estate. This can lead to fights between family members and even claims to your estate that you would not have agreed to.
Establishing Your Will
If you don’t have a last will and testament, it’s important to establish one as soon as possible, as this is the only way to be sure the inheritance you leave goes to your family. The first step is to sit down and list all of your assets, including all property. You will most likely also want to include your spouse in this process. You can then decide whom you want to inherit what you leave behind.
Making an appointment with a lawyer who specializes in estate law is the next step. She will be able to write the will in a way that ensures your heirs receive exactly what you leave them and that your will is executed as you want it to be. Many of your friends have probably already established a will and may be able to recommend a trusted lawyer in your area.
Updating Your Will
Updating your will regularly is almost as important as establishing one in the first place. While most estate planners recommend an annual review of your will, many people only update their last will and testament when a major change takes place in their financial standing or family situation. Some examples of this may include retirement, the birth of grandchildren, or buying and selling property.
Most seniors today want to leave a monetary legacy for their family. The best way to ensure your estate is left to those you love is by establishing a last will and testament and updating the document regularly. Not only will this guarantee your final wishes are carried out, but it will also protect your loved ones even after you’ve passed away.