For many people, talking about death is an uncomfortable and emotional topic. However, it’s important to make decisions for yourself and your family so that you can decide what happens to your property and assets when the time comes. You will need to consider the amount of assets and properties, where and to whom they will go to, after the time of your death.
Some more questions you should ask yourself are:
Do you have a will? If so, does it need updates? The best and most accurate way to account for changes to your family and assets is to have an attorney draft and oversee a will for you from time to time.
Is a trust fund a good idea? It can be a great idea to set up a part of your wealth for unexpected situations. You can set up trust funds for minors who are not your family.
Are you the sole owner of your assets? If your assets include joint ownership, the joint owner will have a say in what happens to them at the time of your death. Don’t leave assets like these up in the air – all names should both be noted on your will.
Have you made final arrangements? You’ve handled the assets and properties, but don’t forget about the arrangements for yourself. If you find yourself in an unresponsive state, your family should know what you want to do. Your funeral arrangements need to be made with respect to your wishes. This will make it easier on your already grieving family to honor your requests.
Do you have a trusted attorney? Many people opt to have an attorney look after their property and assets rather than a family member facing the pressures of executing your will. This helps you avoid conflict within the family by having an independent party with legal authority to act on your behalf.
What about tax advantages? If you are entitled to any tax advantages that could help your family pay less over the years on your property and assets, sit with you attorney and find out.
Talk to a professional at SOGO to ensure your family has as less to worry about. You won’t regret it.