Having to discuss what will happen to your belongings and other financial assets when you pass away is far from comfortable. But it's just one of those things that need to be done.
Knowing how to prepare a will is unknown to many people, which is why hiring an attorney to complete the will preparation is the smart choice. But, what exactly will you and your attorney discuss when you meet? Keep reading to learn about the top six questions to ask your attorney.
1. Is Will Preparation Your Specialty?
It's preferable that the lawyer you hire is specialized in the estate-planning field. These lawyers are well informed of any updates or changes in the local procedures and statutes. Plus, an estate lawyer will be able to present the validity of your will even if you're absent, and it's reassuring to know everything will be taken care of when you pass away.
2. What Should the Will Include?
Once you make sure your attorney's specialty is will preparation, discuss what you should include in your will. Give your lawyer the right documents, and then evaluate what would be appropriate to include in your will.
Aside from material objects of value, there are other important things you should think about when preparing your will. Here are a few examples:
- Your funeral and its arrangements
- Custody of minor children (if there are any)
- Authority over important matters
- Organ donation
Another important thing to include is a payment plan for any large debts you may have. Debts don't disappear—even after death. So, make sure you go over your options to pay it off after you're gone so the burden won't fall on your relatives.
3. Will You Be the One Executing the Will?
Some estate-planning attorneys dedicate to only drafting a will, and others exclusively execute them. Ask your attorney what they will do in this regard because it's more practical if you're attorney can do both. Having to find an attorney for each procedure will be more stressful.
4. Do You Conduct Periodic Reviews?
Periodic reviews are when lawyers check up on you every now and then to see if there have been any important changes in your life that would involve modifying the will. For example, if you or any close relative have had children, or if any important financial changes occurred.
It's good to have an attorney that will do so. Periodic reviews allow your attorney to be aware of all the changes in your life and will check up to see if you want to make alterations in your will.
5. How Much Do You Charge?
Some attorneys have a pre-fixed rate. Others charge by the hour. Before doing business with anyone, have a clear budget in mind and make sure you know what all the costs will be during the will preparation process.
6. How Long Will it Take?
Depending on your current circumstances, you may or may not be in a rush to finish your estate planning. However, try to start the process with plenty of time to spare. You want to be able to include everything you can in the most thorough way possible.
Start Preparing Your Will Today!
Despite how odd it may be for you, preparing your will in advance will keep your mind at peace, knowing that everything will be properly taken care of once you're gone. Here at Monastra & Grater, LLC, we are ready to help you with your will preparation and answer all the concerns you may have for us. Contact us today!