Having a will is an excellent way to provide long-term clarity and protection for the people you love. However, it will take time and some adjustments to get your will to a point where it will provide sustainable support.
The strategy you use to create a will and the steps you take to preserve its function could improve its sustainability over time. With a legally sound document in place, you can feel more peace of mind about the future.
Assess asset ownership
Take a close look at the current ownership of your assets. Will this change over time? Do you desire to move some assets into an heir’s possession during your lifetime? Have you considered what taxes will look like on some assets at the time of your death?
Answering questions like these can help you make informed and rational decisions in your will. Your diligence in assessing multiple angles of asset ownership and distribution could provide considerable relief for your heirs in the future.
Communicate with participants
There could be several people who actively play a role in your estate plan. For example, you might have a financial power of attorney who will oversee your finances when you reach a point where you can no longer do it yourself. You could also have a health care proxy, people responsible for trusts and an executor. Communicate your intentions with the people involved in your plan. While your will should contain details about your end-of-life wishes, having productive conversations during your lifetime can provide reinforcement.
Update as needed
Keep your will updated throughout your life, most notably when something significant happens. According to CNBC, experts suggest you review your will every five years at least. Staying actively aware of the condition of your will can help you maintain its operation.
