An important element of estate planning is ensuring that your final wishes remain up to date. The very most important element is having your final wishes in writing. The first step in appropriate estate planning is having a will drafted. You should carefully consider not only how you would like your property and assets distributed, but also how state law will permit you to do so. A carefully drafted will should comply with state law and also accomplish your wishes.
After you have drafted your will to your satisfaction, and your lawyer is also satisfied, you should keep it in a safe place. This should also be a place in which your survivors know to look. A will that is never found does not accomplish your wishes. Makes sure your personal representative knows that he or she will be responsible for those duties. It is even better if you are able to confirm his or her willingness to act as your personal representative. Consider giving a copy of your will to your personal representative.
If changes in your life or circumstances arise, it may become appropriate to make changes to your last wishes. For small or simple changes, a codicil should suffice. A codicil is simply an addition or supplement to modify a will. Such a modification can include revoking portions of the will, also. Substantial or frequent changes may warrant drafting a new will entirely, as codicils can become numerous and complicated.
If your will is out of date or you don’t have a will at all, please contact the professionals at Toussaint & Coaty today for advice and assistance. We would be glad to help you.