Many people mistakenly believe wills and trusts are reserved only for the wealthy. The truth is, no matter how rich or poor you are, you do have an estate and it is in your best interest to create a will, so your wishes can be carried out when you die. If no will is in place upon your death, a judge will make the final decision on how your property is dispersed. Many people take comfort in having a will in place, but not everyone knows how to write these documents. To ensure your will is drawn up legally, it is in your best interest to hire an attorney to help. In this way, you can know the legal ramifications of all of the decisions you make in the process of drawing up your Wills and Trusts Honolulu HI.
What Decisions Will You Need to Make as a Part of Your Will and Trust?
1. The first decision you will need to make is who you want to be the executor of your will. This person will be responsible for settling your estate upon your death. They are legally held responsible for making sure your wishes are carried out exactly as you wrote them. The executor takes inventory of all of your assets, gets appraisals on the values, pays any taxes owed and settles any other debts you may owe. Some attorneys are willing to act as executors, for a certain fee. When speaking with your attorney about Wills and Trusts Honolulu HI, you may want to ask about these services.
2. Choosing your beneficiaries will be your next priority. You need to make the decision on who will get your assets and property. In most cases, primary beneficiaries will include your spouse and children. You may also list secondary beneficiaries. It is imperative you name each beneficiary by their entire legal name. Simply putting niece or daughter can lead to confusion and should be avoided to ensure your will is interpreted properly.
3. Before you sign your will, make sure you fully review it. You will also need to make changes to your will throughout your life. If you remarry, have more children or add property to your estate, these changes will need to be reflected in your will.
4. For more information on creating a will, Visit the website at Cheryltakabayashi.com and allow them to assist you in making sure your will and trusts are created legally.
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