Pinnacle Estate Planning

Creating a will is one of the most important things you can do for yourself and your loved ones. A will outlines your wishes regarding the distribution of your assets and property after your death, providing clarity and certainty about your final wishes and helping avoid conflicts and disputes among family members. It is a crucial document that can ensure your family is taken care of in the event that something unexpected happens.

    As a starting point, it is a good idea to gain a better understanding of what a will does. A will allows you to designate who will receive your property and assets after your death. This includes personal property such as jewelry, vehicles, and other valuables, as well as real property such as your home, land, and other real estate.

    You will want to indicate who your heirs, also referred to as beneficiaries, will be. Your heirs are the people or organizations that will receive your assets and property after your death. It is important to be specific about who you want to receive your property and assets and to ensure that your wishes are clear.

    A will can also indicate how you want your assets to be distributed. For example, you may want to specify that certain assets are to be distributed equally among your children, or you may want to designate specific assets to be distributed to someone else or a charitable organization. You can even direct distributions to be held in a testamentary trust that would be managed by a trustee to protect the interests of a beneficiary.

    Another consideration in creating a will is choosing an executor, also known as a personal representative. The personal representative is responsible for carrying out the wishes outlined in your will. It is usually best to choose someone who is trustworthy and organized, as well as someone who is willing to serve in this capacity. You should also choose a backup personal representative in case your first choice is unable or unwilling to serve. If you prefer, you can appoint a professional fiduciary to serve as your personal representative if you do not want your family to have to manage the administration of your estate.

    If you have minor children, you have the opportunity to designate who you would want to be their guardian in your will. The guardian will be responsible for taking care of your children in the event of your death. This is a very important decision, and it should be made after careful consideration.

    Your will should also address any outstanding debts or taxes that need to be paid after your death. This can include mortgages, credit card debt, and other types of loans. This allows you to ensure that your beneficiaries are not left with the burden of figuring out how to pay your debts.

    If you have online accounts, such as social media or online banking, or digital assets such as photos or documents, it is imperative to include instructions on how you want these assets to be handled after your death. This includes designating who should have access to your accounts, as well as any instructions regarding how your digital assets should be deleted or transferred.

     Charitable giving is another consideration when setting up a will. If you have a favorite charity or organization that you want to support, you can indicate how to make a donation in your will. This can provide a lasting legacy and help ensure that your charitable wishes are fulfilled.

    After you have decided how you want to set up your will, it will need to be signed in accordance with the laws of the state where you live. This may involve signing the will in front of a notary and two witnesses in order to make the will “self-proving.” It is possible that a will that fails to comply with these formalities could still be valid, but proving the validity of the will in court may be necessary. That process can be lengthy and costly if the will is executed incorrectly.

    By considering the items outlined above and seeking the advice of a qualified attorney, you can create a thorough and effective will that ensures your final wishes are respected and your loved ones are taken care of. It is important to remember that creating a will is not a one-time event, but rather an ongoing process that should be revisited and updated periodically to reflect any changes in your life circumstances.

Jason Gray is the owner of Pinnacle Estate Planning. To schedule a free consult in Coeur d’Alene or Sandpoint please call (208) 449-1213. You can also visit www.LawPinnacle.com or email questions to jason@lawpinnacle.com *This article is for informational purposes only and should not be construed as legal advice. The information provided in the article is not intended to create an attorney-client relationship or to substitute for the advice of a qualified attorney.