Creating an estate plan is one of the most important things you can do to ensure that your assets will be distributed and healthcare wishes will be met once you die or become incapacitated. A will, sometimes referred to as—a Last Will and Testament—is a legal document that declares how an estate or property will be managed after one’s death and is the most important document in an estate plan. Even though estate planning is critical, only 42% of adults within the United State say that they have an estate plan in place. While it may not be the most pleasant subject to consider, a Last Will and Testament is an important step to take to protect ensure your family’s financial success. Understanding who should create a last will and testament in the District of Columbia will help you protect your assets and family.
If you have children, it may be particularly important to create an estate plan. Doing so will allow you to ensure that your children will be provided for—both financially and socially. Generally speaking, a Last Will and Testament should include information relating to paying debt and making charitable contributions. Overall, this document deals with the allocation of assets and property to beneficiaries. It should also name an executor—a person who will be responsible for carrying out the terms of the will. A Last Will and Testament may need to be updated at various times. These include a divorce, the birth of a new child, the death of a spouse, or a significant change in assets or property.
Questions to Consider Before Creating a Last Will & Testament
As each family’s needs are different, no last will & testament is identical. However, there are a few important things to consider before creating a last will & testament. First, decide what property or assets you will include in your will. In addition to this, you should decide who is going to inherit these assets after you pass away. Secondly, choose an executor to handle your estate and distribute your assets after you pass away. Third, if you have minor children, make sure you designate a guardian for your children. Furthermore, choose someone to manage their inherited property until they turn 18. Considering each of these questions will help ensure that you do not forget to include anything in your estate plan.
Contact our DC Law Office for More Information
For more who should create a last will and testament in the District of Columbia, please contact us at 202-803-5676. You can also directly schedule a consultation with one of our attorneys.