For many people, the first thing that comes to mind when discussing estate planning is the creation of a will. While it’s not likely to be the only part of your estate plan, there’s a good chance that it’s a big part of what you do.
When creating a will, there’s a mistake you need to avoid: assuming that the only thing you can do is specify who will receive your assets upon your death.
Yes, this is one of the primary goals of creating a will, but it’s far from the only detail to include. There are a variety of other things to touch on, including the following:
- Name an executor (and an alternate)
- Provide direction on how to manage or allocate your business or business assets (if applicable)
- Specify how to handle final expenses, debts and taxes
- Provide a caretaker for pets
With these points in mind, you can now see that there’s more to creating a will than initially meets the eye.
Take for example naming a caretaker for your pets. If you have a pet, you know that it’s like a part of your family. And for this reason, you want to make sure it’s taken care of in the event of your death.
There are a variety of steps you can take in regards to pet planning. If you’re not comfortable with what you can do in your will, a pet trust is the way to go. With this, you can stipulate more than who will take care of your pet. You can also touch on details such as:
- Daily schedules
- Health care
- Food recommendations
No one cares for your pet better than you, so you should use every estate planning tool available – including a will – to protect your furry friend.
If you’re in the process of creating your first will, strongly consider everything that it should include. And if you already have a will in place, review it with an eye toward making key changes to strengthen it.
Should you have any questions, concerns, or require guidance, don’t hesitate to contact us.