Proper estate planning can make it easier and faster for assets to be transferred to heirs. It can also make it easier for the best interests of minor children to be accounted for as well if their parents pass away. One common question is when it is worthwhile to create a will. The answer to this question is that a will should be made when there is a good reason to do so.
For instance, if an individual owns property or has minor children, one should be created as soon as possible. When creating an estate plan, it may be worthwhile to consider how probate may affect how an estate is distributed. The two common downsides to probate are the associated cost and the amount of time it may take for final wishes to be completed.
Those who already have a will may wish to review its contents every two or three years. It may also be necessary to review a will or trust whenever a major life event takes place or a major financial event takes place. Any real estate that an individual owns should be properly titled if the owner wishes for that property to avoid probate. Beneficiary designations should also be reviewed and updated as events warrant.
Creating a will or trust can make it easier for an individual’s final wishes to be carried out. It may also make sure that minor children are cared for or that other family members take possession of heirlooms that they value most. Those who are looking to protect their assets for future generations may want to talk to an estate planning attorney. An attorney may be able to create documents or amend them if an individual needs to refine his or her estate plan.