This article will serve as a checklist to help you deal with your WilliamsLegal wills and estates Adelaide obligations. As you might already know, estate planning is a huge deal, especially for people who have assets that they want to give to their family when they die. If you’re going to secure your family’s future, you need to start with your estate planning right now. Follow this simple 12-step guide to help you create an estate plan today!
Step 1: Make a Will
The first step is making a will. It should state who you want to inherit your property, naming a guardian who will care for your young children, and assigning someone with something such as paying your taxes.
Step 2: Consider Getting a Trust
By getting a living trust, your surviving family won’t have to go through tedious probate court. This process can be complex and time-consuming; but since you have a trust, they won’t have to go through hardships.
Step 3: Create a Healthcare Directive
If you’re dealing with an illness that can render you disabled at any given notice, you can create a healthcare directive to ensure your future medical needs. In this directive, you will give another person the authority to handle your finances and property, as well as your medical needs if you become incapacitated.
Step 4: Create a Financial Power of Attorney
Give a trusted person – usually an attorney – authority to handle your assets and finances if you become incapacitated. The person that you will name will handle your finances for you. Check WilliamsLegal wills and estates Adelaide for more information.
Step 5: Protect Your Children’s Assets and Properties
Name an adult person to manage any finances and property that your minor children may inherit from you. This person can be the personal guardian that you will name in your will and testament.
Step 6: Submit Beneficiary Forms
Name a beneficiary for your bank accounts and retirement plans. At the same time, make the account automatically “payable upon death”: to your beneficiary. It allows the funds to skip the complicated probate process.
Step 7: Consider a Life Insurance
Do you have young children? Do you own a house? If so, then you may owe significant debts to estate tax when you die. In that case, then life insurance is a great idea. Contact a local WilliamsLegal wills and estates Adelaide attorney to help you set it up.