Dividing your assets among family members is always difficult and can even cause strife within the family. Fortunately, a great estate lawyer can help make the process easier while also reducing stress for you and your loved ones.
If you are struggling to divide your assets while drafting your will, here are a few tips that may help you through the process.
Hire an Experienced Estate Lawyer
Having an experienced estate lawyer on your side will make all the difference during this process. Most people have little to no experience diving assets or drafting wills so having a professional in your corner who is well-versed in estate planning is a wise choice.
Leave Written Instructions for Your Loved Ones
You can’t just verbally tell your family how you want your assets to be divided. You must also leave clearly written instructions for your loved ones detailing how you would like your assets divided. This will help minimize stress and ensure that your instructions are clearly defined in writing.
Don’t List All of Your Assets In Your Will
Although you may already have a list of all your assets prepared, your estate lawyer will recommend that you only specifically list the assets you plan to leave to specific heirs. Then you can just divide the remainder of your estate in ratios among your other chosen heirs.
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Use Very Precise Wording
While drafting your will, your estate lawyer will encourage you to use extremely precise wording and avoid ambiguous language as much as possible. This will minimize confusion among your heirs and ensure that your wishes for your estate are followed exactly as you wish upon your death.
Consider the Needs of Your Loved Ones
Although most people want to divide their assets equally among their loved ones, especially children, doing so may not always end up being fair for everyone. It’s extremely important to decide whether fairness or equality is your goal and to consider the unique needs and circumstances of each heir listed in your will. Choosing how you will divide your assets may still be difficult, but approaching the task with this mindset may help you make wiser decisions about your assets.
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Meet With an Estate Lawyer Today
If you need assistance drafting a will or dividing your assets, our estate lawyer is here to help. At Davidson Law Group, we have years of experience guiding individuals through the complex web of estate planning and we are waiting and ready to do the same for you.