Writing your will or trust early can save your surviving family a number of arguments and a lot of legal red tape. When you write a will early in Indiana, you’ll be able to make the legal proceedings and your family’s choices after your death that much easier.
Basic steps of writing a will
One of the first things that you should do even before you talk to an attorney is to choose an executor. For instance, if you have particular valuables that you want to go to certain family members, the executor will be in charge of ensuring that the ring or another value is passed onto the right person. You can choose your spouse, or you might choose an adult child, a close and trusted friend, or an attorney.
You should also think about who you want to remember in your will, how you want to divvy up the assets, and any sentimental items that you want to leave to a particular survivor even if they’re not your offspring when estate planning. You might even think of items that don’t have any particular monetary value, such as an old serving dish.
Adding other financial assets to your will
You might also add financial assets to your will, such as a Roth IRA. It’s absolutely crucial that you remember to name a beneficiary for your Roth IRA. Additionally, you have to set up the minimum distributions correctly so that your beneficiaries won’t have to pay taxes. Additionally, if you choose to set up a trust, make sure that you choose the right type of trust.
Anyone who is setting up a will should make these decisions when they’re in good health and of sound mind to save their beneficiaries a lot of trouble and ensure that assets stay within the family rather than being taken back in taxes.