The Importance of Evaluating Your Assets Before Writing Your Will

It's never easy to think about our own mortality, but planning for the future is a responsible and necessary step for all adults. One crucial aspect of this planning is writing a will to ensure your assets are distributed according to your wishes after you pass away. 

However, before you start drafting your will, it's important to take the time to evaluate your assets and consider how they should be divided. 

In this blog post, we'll explore why evaluating your assets is essential before writing your will and how it can help ensure your wishes are carried out accurately.

Know of Everything You Currently Own

One of the main reasons for evaluating your assets before writing your will is to get a clear picture of what you own and how it should be distributed. A comprehensive analysis ensures that no asset is left unaccounted for or mistakenly overlooked. 

Specific assets, such as your house, vehicles, savings accounts, investments, and even personal collections of gold bars and other precious metals, artwork, or antiques, can represent substantial value both financially and sentimentally that you'll want to include. 

By taking stock of your assets, you can make informed decisions about who will inherit what and how your estate will be divided.

Identify and Fix Estate Plan Gaps

Additionally, evaluating your assets can help you identify any gaps in your estate plan. For example, you may realize that you need to update beneficiary designations on certain accounts or purchase additional life insurance to cover potential estate taxes. 

By taking the time to assess your assets, you can ensure that your estate plan is comprehensive and up-to-date.

Avoid State Taxes and Probate

Furthermore, evaluating your assets can help you minimize potential estate taxes and maximize the amount of assets that will be passed on to your beneficiaries. 

By understanding the value of your assets and how they will be taxed upon your death, you can make strategic decisions to reduce tax liabilities and preserve more of your wealth for your loved ones. 

This proactive approach can help ensure that your assets are distributed according to your wishes while also minimizing the financial burden on your beneficiaries.

Note Sentimental Assets

In addition to financial considerations, evaluating your assets can also help you take stock of sentimental or valuable items that may not have a high monetary value but hold significance to you and your loved ones. 

By making specific bequests for these items in your will, you can ensure that they are passed on to the right individuals who will appreciate and cherish them. This thoughtful gesture can help preserve your legacy and create lasting memories for your heirs.

Final Thoughts

In conclusion, evaluating your assets before writing your will is a crucial step in the estate planning process. By taking the time to assess your assets, you can make informed decisions, identify any gaps in your estate plan, minimize tax liabilities, and ensure that your legacy is preserved for future generations. 

So, before you put pen to paper to draft your will, take the time to evaluate your assets and create a comprehensive and thoughtful plan that reflects your wishes and values. Your loved ones will thank you for it in the long run.

Can You Sell Your Parent's Home if They Died Without a Will?

If your parent has passed away and they didn’t have a will, you may be wondering if you can sell their home and get the profit yourself. 

Unfortunately, there are many factors that may make this difficult or impossible, so you should do your research before selling your parent’s home if they did not have a will. 

Read on to learn more about your options in selling your family home.

What the Executor of Your Parents' Estate Should Do

The executor of your parent's estate is responsible for settling their debts and distributing their assets to beneficiaries. 

The executor needs to pay any outstanding debt from your parents' estate and selling assets from their estate can help with these payments. To sell an asset from your parent's estate, you need a legal authority called probate. 

Probate allows you to act on your parents’ behalf as their representative in court. The probate process varies depending on where you live.

If You Didn’t Live in Your Parents’ Home

In order to prove that you are living in your parents’ home without permission and thus have legal title, you must have openly occupied and used it as your own for five years or more prior to making an offer on it. 

The process can take several months to complete, but once ownership is transferred into your name, you can then legally sell it. 

If you do not wish to live in or keep your parents’ property, you can sell it immediately after paying off any taxes and mortgages owed on the property.

If There Are No Heirs to Your Parents’ Home

An heir with an interest in your parent’s home may ask you to sell it for them. If there are no heirs or they decline, you can choose whether to sell it yourself or try to find someone else who wants to buy it. 

If you don’t have time or expertise, consider hiring an appraiser, estate-sale company, real estate agent, and attorney. Some attorneys might even offer package deals where they handle everything for a fixed fee.

Hire an Estate Lawyer

If you’re not sure what to do with your parent’s house, it might be tempting to just sell it right away. But selling a home without a will could lead to some complications, so your best bet is to consult local estate lawyers before you make any rash decisions. 

An attorney can help you navigate everything from taxes and probate to how much control over decision-making rights your other family members have.

If your parent died without a will, it’s important to know what you can and can’t do with their property in order to avoid serious legal consequences. Keep this information in mind as you determine the best next steps in selling your family home.