If you want to secure your family by making sure that each one of them will get a particular part of your assets after you die, the best solution is to deal with the estate planning on time. That will help your relatives to get through the process much easier, and avoid potential trial processes, complicated paperwork, and potential dispute between them.
Dealing with this process is not complicated, and it will provide you with many benefits. Besides the fact that it serves as a way to arrange how your family will receive your belongings and assets, it will also determine who will represent you in case you get sick and unable to take care about you and your property.
However, the problem is that many people avoid dealing with this method, and that is often the main reason for legal disputes and other issues. If you live in Alberta, the best way to learn more about this process is by checking vestestatelawyers.com. Also, here are some important tips and basics to know about estate planning.
1. Make a List
The first thing you want to secure when you are dealing with estate planning is to be sure that you have listed all your assets and arranged them in the right order. Therefore, start from the property like apartments, houses, lawns, and more. Also, don’t forget to add your cars, bikes, and other transportation vehicles.
Besides that, it is important to determine whether you want to give a house with everything inside, or you want to redirect some valuable items like art, gold, jewelry, and more. Another detail that you shouldn’t miss is to add valuable documents, bonds, money from your saving account, stocks, and other papers. If you own a business, it is also recommended to determine who will inherit it. You can add some instructions as well about leading the business in the right way after you are not around anymore.
2. Consider the Needs of Your Family
The biggest mistake you could make is to make a presumption that everything will be cleared easily and that your family will simply decide how to split your assets. In case you have small kids at the moment when you are creating the will, it is crucial to set a person who will take care of them.
You can add various details as instructions and rules for the care taker and how your kids may use the assets upon certain age. For example, you can create a separate savings account for your kids, and add a rule where they can take the money only after reaching the age of 21, or graduating at some university.
3. Power of Attorney
Choosing good professional assistance is the key if you want to finish this process in the right way. Keep in mind that there are official rules related to how state will redirect your belongings. However, if you have something else on your mind, the best way is to hire a lawyer who will create a contract and then you can specify various details and rules.
For example, you can determine who and how will take care of you if you become ill and incapable of taking care of yourself. Instead of providing all the money to your family, you can hire an agent to secure that all requirements and bills will be paid while you are sick.
You can provide people around with the power of attorney, but it is crucial to make the right choice. Also, there is no need to spread all obligations to one person. For instance, you can specify who will take care about the finance, medical treatment, valuable documents, real estate, and more.
4. Get a Professional Assistance
There are different options to choose from. In case you don’t have any special details to add to the contract, but you want to be sure how your assets will be spread, the great thing is that you can find an online form where you will add these details.
However, if estate planning is more complex in your case, the first thing to do is to find a good assistance that can help you make the right actions. The key is to add all details that will secure your kids and family, avoid financial issues, and redirect the assets in order that you prefer.
5. You Can Add Some Changes Over Time
The common misconception is that you should deal with this procedure at old age. Instead of that, you can always have a prepared will and estate planning that will secure your family and kids in case of some unexpected accident. On the other side, keep in mind that you can always edit the document and change or add some details to it.
Different things could affect such a decision. For example, you managed to expand your business and increase the profit that allowed you to buy a house and various valuable items. You can add these things to the document as well. Also, there are some circumstances that might lead you to change some terms, like in the case of divorce, getting another child, and more.
The Bottom Line
The most important thing to know is that this process will help your family to become the owner of your assets and various valuable items in a much easier way. For example, if you don’t have a will, your family might face a legal dispute if they cannot agree on how to split your belongings.
Be aware that it can be about all kinds of things. Like in the case where you left your kids with a house and one vehicle. It will be simple for them to split the house, but they might start a dispute over the car, which will force them to sell it in the end. The same is with art, bonds, and many other items. On the other side, it is a great way to add specific terms on how you want your assets to be split, and even add some special rules.