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WEALTH MANAGEMENTBeyond Wills: Other Essential Elements of an Estate Plan Article by Wealth Management Systems, Inc. Courtesy of a Morgan Stanley Financial AdvisorAlthough writing a will is an important

How to fill out beyond wills

How to fill out beyond wills:

1. Gather important information: Start by gathering all the necessary information, such as personal details, financial assets, and beneficiaries' information.
2. Determine your assets: Make a comprehensive list of all your assets, including bank accounts, investments, properties, and other valuable possessions.
3. Determine your beneficiaries: Decide who will be the beneficiaries of your beyond wills. This can include family members, friends, or even charitable organizations.
4. Appoint an executor: Choose someone you trust as the executor of your beyond wills. The executor will be responsible for carrying out your wishes after your passing.
5. Specify your wishes: Clearly state your wishes in your beyond wills. This can include who gets what assets, provisions for minors or dependents, and any specific instructions or requests.
6. Seek legal advice: Consider consulting with an estate planning attorney to ensure that your beyond wills are legally valid and enforceable. They can provide advice on tax implications, probate processes, and any specific laws in your jurisdiction.
7. Review and update regularly: It's essential to review and update your beyond wills periodically, especially if there are any significant life events, such as marriage, divorce, births, or deaths in the family.

Who needs beyond wills:

1. Individuals with complex financial situations: Those with substantial assets, multiple investments, and business interests may require beyond wills to ensure proper distribution and management after their passing.
2. Parents with minor children: Beyond wills can be critical for parents to appoint guardians and provide for their children's financial well-being in the event of their untimely death.
3. Individuals with specific wishes: If you have specific wishes regarding the distribution of your assets, such as leaving a significant portion to charity or ensuring specific family heirlooms go to particular individuals, beyond wills can help ensure these wishes are fulfilled.
4. Individuals concerned about privacy: Unlike traditional wills, which usually go through the probate process, beyond wills offer more privacy as they are not publicly filed and do not become part of the public record.
5. Individuals with blended families: Beyond wills can provide a way to ensure that your assets are distributed fairly among children from different marriages or relationships.
6. Individuals owning digital assets: If you have online accounts, cryptocurrencies, or other digital assets, incorporating them into your beyond wills can help ensure they are not lost or inaccessible to your beneficiaries after your passing.

For pdfFiller’s FAQs

What is beyond wills?

Beyond wills refer to assets and property that are not covered by a person's will and which may need to be handled separately.

Who is required to file beyond wills?

Individuals who have assets or property that are not covered by their will may be required to file beyond wills.

How to fill out beyond wills?

To fill out beyond wills, individuals should list the assets and property that are not covered by their will and follow any specific guidelines or requirements set forth by the relevant authorities.

What is the purpose of beyond wills?

The purpose of beyond wills is to ensure that assets and property that are not covered by a person's will are properly accounted for and distributed according to their wishes or relevant laws.

What information must be reported on beyond wills?

Information such as the specific assets or property, their estimated value, and any relevant beneficiaries or instructions may need to be reported on beyond wills.

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How do I make changes in beyond wills?

The editing procedure is simple with pdfFiller. Open your beyond wills in the editor, which is quite user-friendly. You may use it to blackout, redact, write, and erase text, add photos, draw arrows and lines, set sticky notes and text boxes, and much more.