The 10 Reasons You Need a Will
Posted by Adam R. Leighton on Jul 26, 2019 in Uncategorized | Comments Off on The 10 Reasons You Need a Will A will is a legally binding document that pertains to the distribution of your assets and estate upon your passing. While an important document, many people avoid writing a will because they find it a bit macabre. However, there are at least ten reasons to write your will today. Life is Unexpected No one is guaranteed a specific amount of time on this planet. Life is unexpected, and no one is promised tomorrow. Therefore, while it may seem like your twilight is far away, you can’t be certain. Guardianship If you have children, then a will is a must. You do not want your kids to go through the foster care system because you failed to assign a guardian in the event of your death or incapacitation. Avoid Probate While the probate process may not be avoided entirely, having an official legal document that has been notarized and filed with the court can make the probate process more manageable. Just because you finalize the document now doesn’t mean you can’t change it later. Reduce Estate Tax Having a will in place may also reduce estate tax. This reduction occurs because money given to family and charity is subtracted from the value of the estate. Name an Executor An executor is charged with the distribution of your estate, and should be someone you trust. However, if you do not have a will or have not specified someone, the probate court will appoint a representative on your behalf. Control Over Inheritances If you do not have a will, then assets are typically distributed evenly among your immediate family. However, the law does not discern from absent fathers or long lost siblings. Therefore, people may inherit assets who don’t deserve them if you don’t have a will. Designate Charitable Gifts A will allows you to designate charitable gifts. Without a will, your assets are divided among your family members and creditors, meaning that charities you support will be left out altogether. Avoid Disputes and Legal Trouble Regardless of the size of the estate, legal disputes and trouble can occur if your final wishes are not made known. A will allows you to speak for yourself even after death. Estate Distribution Again, a will gives you control over the distribution of your assets. Therefore, your estate is managed the way you want it managed even after you pass. Changeable Last, a will is not...read more