Wills and Codicils
Validity of a Will or Codicil
A legitimate Will or Codicil must have the following elements:
Important: In your will, appoint a guardian and a backup caretaker for your minor children. If you don't choose guardianship, the courts may opt to put your young kids with a family member you don't want or even in state care.
Power of Attorney
Letter of Intent
Deed of Gift
Make a will
A will is a typical legal document in which you name a person you wish to acquire your property or a guardian to look after your children if you or your partner pass away.
Providing healthcare instructions
It is preferable to set down your healthcare desires, which might come in handy if you cannot make choices for yourself. Furthermore, you should include a healthcare power of attorney, ensuring that someone can make choices in your absence.
Make a financial power of attorney choice
This is a critical decision that allows you to delegate responsibility to a trustworthy individual to manage your assets and money if you are unable to do so.
Children's property should be safeguarded
Include the information of an adult who will be in charge of the property and funds left to your underage children.
Choose a beneficiary
When you choose a beneficiary for your savings accounts or retirement plans, the monies are automatically disbursed to the beneficiary following your death, avoiding the probate procedure.
Consider purchasing life insurance
Life insurance becomes an excellent choice when you buy a home, have small kids, or incur a considerable debt or estate tax.
Understanding estate taxes is essential
To deal with such situations, you must understand estate taxation or consult a lawyer.
Address your funeral expenses
Instead of opting for a prepaid funeral plan, you might open a bank payable on a death account and deposit cash to meet funeral and related costs.
Store your records effectively
Your lawyer may demand access to certain documents, so keep them safe.
Make final provisions
If you have any requests for organ donation or any other want, let your family and friends know.