Tag Archives: Smart Estate Planning

When It Comes to Estate Planning, the Will Leads the Way

Planning an estate is something many folks do not look forward to. And who can blame them? Who really wants to think a lot about what's going to become of their property after they are gone? That, after all, would mean having to admit that they will, in fact, be gone someday.

There are a few good reasons why getting a will should be on the top of your estate planning priority list:

1. Decide who gets your assets

This is the most obvious one – you need to have a will to make certain that it is absolutely clear who gets what. Sure, you may not be Bill Gates or Warren Buffet, but even if you don't have a sizable amount of assets, if you have no clear plan regarding whom you want to receive them, your heirs may very well end up battling each other in court – and it could get ugly.

2. Decide who distributes your assets

A will is a great estate planning tool because it not only allows you to determine who gets your property, it also allows you to decide who is in charge of doling it out. In most states, this person is referred to as the executor. If you need any help regarding estate planning, you can also visit http://www.edmundvincentlaw.com/ to consult pasadena attorney.

3. Decide who raises your children

People often forget that estate planning has more to do than just your financial assets. Making a will also allow you to designate a guardian for your underage children. This is perhaps an even more critical decision than who gets your money.