You value your family above all else. You’ll do whatever it takes to provide for your family. You amass wealth for their future.
However, there are uncertainties in life that you must deal with, such as being involved in a crippling or fatal accident. If this happens, who will take care of your family? For these reasons, estate planning attorneys in Denver say you should think about your own estate plan.
Estate planning involves the legal procedures on how your current assets and projected assets are to be distributed and managed in the future. When doing an estate planning, you must consider certain things.
Protecting minor children
If you have minor children mentioned in your estate plan, make sure you assign a separate guardian and a separate trustee so that you will have a check-and-balance system in place.
Avoid naming a couple as a guardian for your minor children. Since couples may split up in the future, there might be a legal issue in determining which of the two will continue to be the guardian. Instead, name an individual you truly trust to be your children’s guardian.
Writing your last will and testament
Even if you are still at the peak of your health, make sure to have your last will and testament handy. Include all your wishes in your will, such as disinheriting a child or controlling the spending of their inheritance. U.S. News says you should be specific about what you want to happen.
The last important thing in estate planning is to assign an executor who will value all your assets, pay off debts and taxes, and carry out your last will and testament. No amount of planning will work if it doesn’t get executed properly.