The death of a loved one can be a time of confusion and great sadness, and trying to make sense of the next steps can be arduous on those who are left behind. Rather than leaving a family to determine what a loved one wanted for their final wishes, many people choose to hire a hackensack estate lawyer to help plan for what happens after their death. One of the biggest benefits is it can prevent an estate from going through probate, which can prevent a family from being able to access the funds in an estate and lead to disagreements and family arguments.
Create A Will
The first and most important step is to create a will that explains who the beneficiaries are and how any assets are to be divided among those who are still living. This allows a person to determine who gets what items and how money should be divided up, which will prevent arguments and allow a person’s final wishes to be followed. A will can help prevent assets from being tied up in probate, which can take months to process.
Place Investments In A Trust
Any substantial investments should be put in a non-revocable trust, as this will prevent creditors from being able to access the money and will ensure that a person’s final wishes are followed, as the terms of the trust are non-negotiable upon a person’s passing. It can also lessen the tax burden for those who will be inheriting the money and can act as a source of income for any named hairs.
Designate An Executor
An executor is a lead person in an estate’s dealings, and they act as the representative for all of the heirs who are named in a will. If there are questions or discrepancies, then the executor will be in charge of handling these issues. An executor can be paid for their duties, either from life insurance proceeds or a trust, as they are viewed as a person who is working for the deceased person and ensuring their final wishes are carried out as desired.
The best thing anyone can do to help their family after their passing is create a will and a trust fund if necessary. This will help lessen arguments among family members after a person’s passing and ensure a person’s final wishes are followed. Contact an attorney and get assistance with creating these elements.