It’s never too early to start planning for your eventual death. Since you will never know what is going to happen today or tomorrow, you must take these steps to protect your family in the event of your sudden passing.
McCullough & Sparks shares the top 5 things to arrange to legally protect your wealth and ensure your family legacy:
• Complete List of All Assets and Liabilities
When a person passes, it can be difficult for the surviving family to identify all of his or her assets and liabilities. Make sure to have a comprehensive list of your current assets and liabilities as well as projected wealth once you’ve passed. This can save your bereaved family a lot of heartache when it comes to handling your estate.
• Financial and Living Arrangements for Minor Children and Dependents
Your first step is to always support the vulnerable members of your family. Discuss with your spouse and adult family who will be awarded guardianship of the minor and all the assets you’ve bequeathed to the latter. Ask an estate planning lawyer how to make your guardianship plan in accordance with the law.
• A Will or Trust
A will allows your decisions regarding your estate to be implemented after your death. Without a will or trust, a court judge decides how your wealth and assets will be distributed to your family. An asset protection attorney can help you create a will or trust that will not be rendered void by a legal technicality.
• Titles to Your Property
If you plan on bequeathing real property to your heirs, make sure you ask your asset protection attorney on how to pass these on with the least inconvenience and danger. Make sure you arrange your nonprobate property and if possible, draw up a Transfer on Death deed.
Preparing for your family’s security before your death can become comforting in your later years and help you enjoy life more, knowing that you’ve arranged for their well-being even after you’re gone.