Estate Planning has always been effective in sorting out the disputes of transfer and distribution of assets. The major goal of an estate plan is to make sure that the beneficiaries and heirs receive assets and finances with maximum tax exemptions.
Many people are under the impression that estate planning ends with the execution of a will. However, there are countless other factors at the end of an estate plan to work upon, and one of those crucial factors at the end of a will is to contemplate whom to inform about your will.
Similarly, another frequently ignored aspect of estate preparation is the preservation of a will in a secure and safe place. If the will is misplaced, your executor might get in hot water. Hence, if they are unable to find your original executed will despite carrying out a careful search, it will be assumed to have been cancelled.
This blog post examines a few factors to take into account once you have signed your important estate planning documents.
Whom To Tell About Your Estate Planning?
Informing the right people is one of the key considerations that people usually do not consider. Here are a few handfuls of things that one must consider after the execution of estate planning:
Your executor(s) and attorney(s) for property and personal care should be made aware of the existence of these documents as well as their location.
Your executor(s) and attorney(s) do not necessarily need to get copies or examine them. Still, they should, at the very least, be aware of the existence of these documents and that they have been designated to function in these important decision-making positions.
If appropriate, you should also notify any person(s) you have designated to have decision-making authority over any minor children, generally known as ‘guardianship’ (previously known as custody), to confirm his, her or their comfort with and willingness to accept this appointment.
One may also decide if it is appropriate to discuss their succession planning, or certain components of it, with their immediate family. This open discussion about your will with your family may be vital in the event that your children are not treated fairly in decision-making positions, as successors of your estate, or as owners of certain possessions.
Similarly, if you own any charities or active businesses, it is always a wise choice to express your ideas and specific expectations related to the management and execution of the charity or operating business. Additionally, if charitable giving is a priority in your life and is included in your estate plan, you can talk to your kids about your charitable goals in order to convey their significance to them.
Our Lawyers Can Guide You!
Estate Planning is not legally necessary, but a well-established estate plan can inevitably fade away a great deal of fuss. The attorneys at Ayaz Mehdi Professional Corporation are available to provide up-to-date legal assistance in estate planning matters within the parameters of governing laws.
Disclaimer: Kindly note that sending or receiving information through this site does not establish a solicitor-client relationship. Legal matters are fact-specific, and the law is variably changing. The views expressed and the content provided on this blog are general guidelines and cannot substitute for proper legal advice. Schedule your legal consultation by clicking here: Let’s meet!