Wills are one of those things in life that everyone knows they need, yet somehow seem to procrastinate when it comes to getting it done.
When you make your Will, you’re giving your family and loved ones a gift. Your Will ensures that your loved ones can grieve in peace rather than wonder what to do, or worse – argue, litigate, or resent each other over the details of your estate after you’re gone.
Here’s the top 7 reasons to have a Will:
- You decide who will take care of your minor children. Name the right legal guardians for your children if you and your spouse can’t be there. If you have minor children, and no Will, a judge will decide who cares for them, and the situation may not be ideal.
- You control how your property and assets will be distributed. Dying without a Will means you’ll have no say over who receives your property. State laws will decide. In some states, only 1/2 of one’s assets go to the surviving spouse. Depending on your situation, the rest would go to your children, parents or close relatives. You’ve worked hard to build your estate, be sure you get to decide who it goes to…not the courts!
- You assign an executor to make sure that your wishes are carried out and that your affairs are in order. An executor is the person appointed in the Will to manage the estate, deal with the probate court, pay outstanding debts, collect assets, and distribute the estate according to the provisions of the Will. Choosing the right person to carry out your final wishes is essential. Consider who can file paperwork on time and handle potentially volatile family relationships. Here are some recommendations that may help when choosing your executor: https://www.legalzoom.com/articles/how-to-choose-an-executor
- Allows you to alleviate potential arguments and legal challenges for your loved ones. The biggest cause of family infighting after a loved one passes seems to be from unclear Wills, or a complete lack of a Will at all. Everyone has different ideas on what they think you might have wanted. Having a Will lays it all out, alleviating family guessing and turmoil.
- Saves loved ones a lengthy probate process. The last thing family and friends want is to have estate matters drawn out for months (or years) after someone dies. Knowing what probate actually involves will help ease fears about the process—one that isn’t always as complex as you might think. Read more at: https://www.legalzoom.com/articles/the-top-three-ways-to-avoid-probate?li_source=LI&li_medium=AC_side
- Minimize estate taxes so more value passes on to your loved ones. Let’s face it, none of us enjoy paying taxes. So even worse, after your death, your estate may be subject to several kinds of taxes. Some states have an inheritance tax and/or an estate tax. The federal government imposes an estate tax that applies no matter where you live. (If your estate is worth less than a certain amount, no estate taxes will be due.) Getting advice from an estate planning or tax attorney or will help you better understand and plan for your situation.
- Because tomorrow is not promised. Focus on more than just the health and happiness of your family today. Put plans into action that protect your family long into the future.
If you want to protect your family into the future and get started on YOUR Will, click here to read more… https://www.mylifeandwishes.com/end-of-life-planning/wills/