Key Players in Wills and Estate Planning

Law Blog

Wills and estate planning is an essential activity that ensures your earthly belongings are in good hands after you die. A well-written will ensures that your family is financially stable as they can access your wealth. Besides, it prevents conflict over your inheritance. The following are the key players during wills and estate planning.

Beneficiaries. 

These are the people whom you want to inherit your property. You can include your family as well as a few close friends. When deciding how to divide the property amongst them, consider the following:

1. What skills does each of your beneficiaries have? Do these skills allow them to manage the inheritance?
2. What is the age of your various beneficiaries? Small children and adolescents are better suited with trusts rather than physical assets or money. 
3. Are some of the beneficiaries spendthrift, drug addicts or careless?
4. Do you trust the beneficiaries' decision-making process? You can leave all your property to your spouse who will then distribute it among other family members. 

Executor.

The executor is an individual whom you endow the legal right of taking care of your property before it is distributed to your beneficiaries. Vital considerations when choosing the executor are:

1. The executor should be someone you trust. He or she should be honest. 
2. Ensure that the person is responsible. 
3. It is an added advantage if the executor has a good relationship with other beneficiaries. 
4. You may want to disclose your property to the executor. As such, he or she will have an easy time winding down your estate. 

Deceased estate lawyer.

The deceased estate's lawyer plays a dual role in wills and estate planning. He or she helps in the preparation of the will and distributing your wealth after you die. The key responsibilities of the lawyer are:

1. Advising you on which will best suits you. He or she will ensure that the will is legally binding. 
2. The lawyer will assist you if you feel the need to update your will. 
3. He or she will assist in setting up trusts for your beneficiaries. 
4. Once you die, the lawyer will help the executor to file probate in court. 
5. The lawyer will assist the executor in filing taxes and any other legal documentation required for your assets to pass to your beneficiaries. 
6. He or she will help beneficiaries retitle property after they inherit it. 

Wills and estate planning should be well thought of and not rushed. Consider your beneficiaries' ability to manage the property, choose a trusted individual as your executor and have a lawyer to guide you write your will.  

10 October 2018