Good Lifestyle

Most people spend each phase of their lives preparing for the next one, whether by founding a family, buying their first house, or Finally, retire . But for as crucial as each period can be - and as uncomfortable as it can admit - there are really no provisions too early for when you left. This is why it is important not to forget to include certain things in your will.

"The truth is that everyone aged 18 and over should have a inheritance plan," said Kori Whisant , Esq., Owner of Legal office of K. E. Whisant . "Once we are legal adults, we are responsible for our own decisions surrounding health care and finances. If we cannot do it for ourselves, we need someone we trust to help us."

Whether you are just starting these critical preparations or you regulated everything, there are some crucial considerations that you should keep in mind. Read the rest for the most important things to include in your will, according to experts.

In relation: 10 things you should stop buying your retirement, finance experts say .

Starting to write your last will and your will can be a difficult to swallow. According to A survey in 2021 From caring.com, almost two thirds of adults still haven't. But for as difficult or uncomfortable as possible to accept the inevitable, experts say that the process must still think about what could happen if you cannot defend yourself before passing.

"Your plan is not complete unless you also have a way to treat disability," said New York Trust and Domains lawyer George Bischof . "The simple tool for this is the proxy (POA), and the more robust tool for it would be a trust trust or revocable confidence", adding that in the event that you are unable to make decisions because of your mental or disability state, it acts as security.

According to Jasmine Bloemhof , certified financial planner (CFP) at Forge wealth management , it is crucial to remember that this is generally done when creating a will, but it is a separate document. "A POA allows you to assign someone to manage your daily finances and investments," she said Better life .

You can also assign a health poa to make medical decisions for you when you can't do it by yourself. "It is important to let this person know what types of medical directives you want them to make and ask them if they are comfortable to follow them," suggests Bloemhof.

According to Bischof, a will should "be part of a set of documents that deal not only with who gets what and who does what at your death, but also who can take care of business if you cannot take care of you". Someone's appointment in advance allows you to avoid having the involvement of the courts and allows you to take control of your future.

"The law offers you many opportunities to select who will have the authority and the care of you if you become invalid," he explains.

As you can imagine, choosing the right person for such an important role can be difficult. "It's a lot of work and can sometimes be tedious," says Bloemhof. "You want to make sure that anyone you attribute is capable of acting on your behalf."

This role should not be a surprise for the testamentary executor that you have chosen - and their backup - when you die. "You should discuss it with them before appointing them in your will," recommends Bloemhof.

In relation: The 6 best small towns to retire .

The selection of dear beings in whom you trust should be the case in all parts of the inheritance planning process. But it is essential to ensure that you have backups in case someone will not be able to fulfill their role.

"Many people, when they are 50 years old and see their children flourishing and productive to make their way around the world, are missing the idea that their children may not be available or capable of playing a role," explains Bischof.

Noming more than one backup or a successor may not seem necessary, but you must consider the possibility that a loved one can be incapable of you, before you not, or be otherwise unavailable, he says.

The idea of leaving to be expensive behind is undoubtedly what makes planning such a succession so emotionally trying. However, experts say that having your wishes for them is one of the most crucial additions - and a perfect reason to start with life earlier.

"When you write your will, one of the most important aspects to consider, especially for parents, is the supervision," explains Bischof. "It is not only a question of appointing someone: it is a question of ensuring that your children are taken care of by someone you trust. Nominating a tutor in your will reflect your values and your desires for the future of your children. "

Some may also find comfort knowing that this step can help get the ideal result in the face of tragedy. "Tackling the guardianship in your will is not only a legal requirement: it is a question of shaping the future of your children according to your wishes," said Dana A. Blue , Esq., Founder of Dana Blue Law . "Without clear instructions, the courts can intervene, resulting in results that do not align with your intentions. Discussing the tutelage in your will allows you to protect what matters most."

He can also answer important questions beyond who will take care of children in case you die or invalidate. "When should they receive their inheritance? Who do you want to invest the funds and supervise when the children receive money, and how much, until it is for them to receive what is left? The selection of good people and backups for these roles is essential to ensure the emotional and financial well-being of minors, "said Mindy Stern , partner at Schwartz Sladkus Reich Greenberg Atlas LLP .

As your life changes, do your needs. This is why it is important to make sure that your will is up to date.

"Check your wills from time to time and make sure it reflects your current plan," suggests Bischof. AE0FCC31AE342FD3A1346EBB1F342FCB

He adds that you should also always know where an original copy of the will is, because "it's like a passport". But even if it is important to follow, it does not mean that you have to be held there.

"It can be with your lawyer or another safe place," explains Bischof. "But you want to know where it is."

After having died, your will is subject to the succession court. And experts warn that even if it is not always a terrible situation, it can be in certain circumstances if you do not prepare.

"If your family does not get along, the succession court provides him with an expensive place to fight against your succession," said David Peterson , Special advice in the Trusts and Estates group in Gravel & Shea law office. "And if you have property in two states, your will must go through the succession court in both states, twice as much."

To avoid going through this long process, Whisenant suggests setting up revocable confidence. "A successor trustee can help the original constituent / owner even for life if the constituent / owner becomes mentally or physically incapable," she said. "They receive total control over assets without having to apply with the approval court, while a will only activates your death."

In many cases, our families include non -human members who will need additional attention after your death.

"If you have beloved pets, plan to specify who will take care of them after your departure and distribute the funds for their care in your will," said Justin Staves , financial advisor and founding lawyer at Peak law . "This guarantees that your fur friends are supported according to your wishes."

An essential function of your will is to make sure that everything you have ends in good hands. This is why it can be paid to be specific with particularly sentimental or irreplaceable articles.

"Beyond the distribution of your assets among the beneficiaries, plan to include specific legacies for sentimental or precious articles, such as family heritage, jewelry or illustrations," explains Stense. "This can help prevent disputes among the heirs and guarantee that cherished goods go to the expected recipients."

Technology has added a new layer to the types of properties that we transmit to our death. This includes elements of your online presence, such as email, social media, online banking services and cryptocurrency participations.

"Access to your digital life is invaluable now and after your death," Preston D. Cherry , PHD, expert in personal finance and founder of Simultaneous financial planning , tell Better life . "If you become incapable or when your managers make your succession, they must unlock your digital assets to carry out your inherited orders and transfer of succession."

He suggests finding a security service provider in terms of bank encryption to create your digital safe with passwords, content, photos, social media and personal financing accounts. "Then, make a digital will to complete your last will for instructions on location and access to the main key. Having a digital will and a safe helps save emotions, time and money during of the execution of your expected wishes, "he said.

One of the most durable impacts that someone can have is to help support a cause that he believes even after his departure. Often, this means bequeathing assets to a charity, a foundation or an institute in your will.

"If you have philanthropic interests, plan to include provisions for charity donations in your will," said Stense. "You can specify specific charities or causes you want to support, either with a fixed amount or as a percentage of your succession."

Best Life offers the most up -to -date financial information for high -level experts and latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.

This story has been updated to include additional inputs, verification of facts and copying edition.