One of the biggest challenges of estate planning is ensuring that your assets end up in the hands of the people you choose. In your will, you will appoint an Executor who is responsible for your estate after you pass away, which includes distributing your assets. (We have more about what you can expect in your role as an Executor here.)
Every will is going to be unique based on your assets and your beneficiaries, but when you work with an estate planning lawyer the process doesn’t have to be complicated.
When you plan your estate with McMurter & Associates we have a specific formula that we work with to ensure that all your assets are properly handled.
What assets should you specifically include?
Common assets included in a will are property, money, vehicles, possessions like heirlooms, collections, and art pieces. If there are sentimental pieces that you wish to go to a specific beneficiary, this should be outlined clearly in your will so that your executor can handle these items with the appropriate level of care.
If you look around your home and you feel overwhelmed thinking about listing every item that you own in your will, not to worry. You certainly do not need to itemize everything in your home. There are assets that need specific mention in your will, though. You should focus on:
- Physical assets like vehicles and real estate
- Financial assets, including insurance
- Other assets like sentimental items
Listing all your assets isn’t necessary. There are two reasons for this:
- Your assets often change. You won’t want to update your will every time you purchase or sell an asset.
- There is an umbrella clause that your estate planning lawyer can use to include all your assets so there is no need to individually list everything.
How do you start?
Our best advice when estate planning is to contact a trusted estate lawyer. McMurter & Associates in Whitby has been providing estate planning services for more than 30 years. Our lawyer can will draft a full range of asset documents created specifically for you. In this way, you can achieve the peace of mind that your estate is well-planned, and your loved ones are provided for in the way that you choose.
This article is intended as an informative piece about the subject. It should not be taken as legal advice. We recommend you connect with an estate planning lawyer about your specific legal issue.
To meet with a member of our firm, send us an email or call us at 1-800-756-7138 or 289-278-0934 to schedule a consultation.