Over the last few years, you may have heard the term “living will” in the media surrounding the news of many notable celebrity deaths. In a few instances, a living will wasn’t in place before the celebrity’s death and now the estate is facing a complicated legal struggle determining who receives what.
These highly publicized examples have brought to light the importance of drafting a will to ensure your interests are kept after you are gone. While you may not be deciding the fate of hundreds of millions of dollars in assets, a living will is an important legal document that everyone should possess. Even though wills are most commonly thought of as a necessity of the elderly, the Minneapolis estate lawyers at KTF Law recommend younger generations preparing one as well.
Creating a will can be a complicated and time-consuming process, so it’s important to be very organized before jumping in. A professional estate planner can help you through this process and ensure that nothing is missed. There are four key things that you should focus on before writing a living will:
- List Your Assets: List all your valuable assets in one place, this includes: your home and car as well as stocks and bank accounts.
- Locate the Documentation: You will need to locate and assemble all the paperwork that proves you own your assets. These can be titles, deeds, stock certificates, etc.
- Who Are Your Beneficiaries?: Decide who will receive these assets that you’ve assembled. Along with family and friends, beneficiaries can include charities and organizations.
- Select a Successor Trustee: Your successor trustee will be responsible for distributing your assets according to your will after you pass away.
The Minneapolis family attorneys at KTF Law are ready to guide you through the estate planning process. We are ready to answer all your questions and provide you with the assurance that your living will is written in a way that fully supports your interests.