Protecting your entire extended family with a will

On Behalf of | Apr 26, 2022 | Estate Planning

Inheritance is a tricky subject. You want to ensure your loved ones receive what they deserve without causing strife or conflict within your family. Drafting a will is an excellent way to divide your resources fairly.

New Hampshire does not have an estate tax, so it is a relatively inheritance-friendly state. However, there is much more to know besides paying fewer taxes. See below to learn how to use your will to care for your entire family.

Planning for an extended family

If you have a large extended family, dividing your estate is more complicated. You want to give them what is fair, but that does not necessarily mean equal. Consider what you provided to your beneficiaries during your lifetime. If you gave someone a significant gift, you might want to leave less for them after you die. Step-children further complicate matters. If they have living and present biological parents, you might want to leave them less compared to the rest of your family.

Hiring an attorney

When most of your estate consists of cash, it is easier to write a will. However, most people have multiple assets of varying degrees of value. You probably do not have the necessary skills to evaluate and divide your assets. You need to consult with an attorney and hire an executor to divide the property professionally. Whether you divide everything equally or not, an attorney will help you draft a will that works according to your wishes.

Do not delay in your estate planning. Many people wait until it is too late. The reality is you should start thinking about writing a will once you accumulate significant assets.