While making decisions about the end of life can be very difficult, it is important to acknowledge factors that will affect your assets and loved ones in an unfortunate event. Here are three items to consider for a wills and trusts lawyer Bristol RI.
1. Your Assets and Debts
Assets can be defined by any personal or commercial real estate, financial and retirement accounts, and any personal property that is worth a significant amount or has sentimental value to someone in your family. One thing to consider about each asset is whether it will be passed down to a beneficiary or if it is to be sold, with the monetary value of the sale divided among your beneficiaries. Also, be sure to have a plan for who will oversee and pay off any personal debts that you might have.
2. Your Beneficiaries
Usually, beneficiaries include your spouse and children. However, it might be useful to know if another relative or friend should be listed as a beneficiary, for example, a distant aunt who might find sentimental value in an item of clothing or piece of artwork.
3. Your Executor
The executor is the person responsible for overseeing and carrying out the terms of your will. This important decision should be made after discussing the subject with those closest to you and who you trust to carry out your final wishes. Consider whether the person you appoint as your executor might be too distressed after your death to take charge; in these cases, it could be best to appoint a third-party. Also consider any possible issues within the family that might arise as a result of who you designate as executor.
Having important end-of-life decisions in order is one of the best things that you can do for your family and loved ones in the event of your death.