It’s Not Planning For The Worst.
It’s Seizing The Future With A Purpose.
Right now, a will seems like merely a piece of paper. Yet there will come a time, when you pass away, that this piece of paper will take on tremendous importance.
It will designate the person you prefer to make decisions about your kids and your property on your behalf after you’re gone.
It will determine which of your children receive your most valuable possessions.
Of course, if you want to ensure you have a true say in what happens according to your wishes after you pass, it’s critical to talk to our estate planning attorneys at Miles & Gurney today.
In every will we help to construct for our clients, we incorporate three essential elements:
1) Naming the legal guardian who will take care of your children after you pass away (should you have children or plan on having any in the future)
2) Naming an executor - the designated caretaker of your assets after you pass away. Think of the executor as a personal assistant you’ve entrusted to look after everything from money to real estate.
3) Expressing your specific wishes for your possessions – namely, what happens to certain items and who receives those possessions? Here’s where you ensure that your cherished heirlooms, bank accounts and even the old baseball glove which means nothing to anyone but you and your son all go to those you want to have them.
ASK THE ATTORNEY:
“When does a will affect me while I’m still alive?”
Creating a document that reflects your future wishes now is extremely important, but in the case of a will, the document takes effect when you die and not before. This can be confusing to people who assume that once a will has been created, all of its contents immediately apply. Not necessarily so.
For example, if you are giving a lake house to your child once you pass away, it doesn’t mean she has any rights to the lake house now while you are still alive.