If you plan on leaving your loved ones an inheritance or you’re planning to distribute your assets you will need a Last Will and Testament, and possibly a trust. Other things you can consider in addition to creating your will include:
If you pass without a will, you’re considered to have died intestate. This means that while the government doesn’t automatically get your estate, it does get to use state laws to decide how to distribute your estate and appoint your executor. Your estate includes all of your assets (anything you possess of financial or other value) and any debts you owe. What happens with your estate varies from state to state and it may be very different from what you would have wanted since the government doesn’t always take into account the specific needs of individual families.
More and more services are being created to help make estate planning an affordable and painless process. Whether you visit a lawyer or use an online service, make sure to review your legal documents regularly to keep them up to date and ensure they truly reflect your wishes and life circumstances. Store your documents safely and make sure your executor (the person you appoint in your will to act on your behalf) knows where to find it.
