The thought of death is frightening and taboo in many cultures, but you should make the proper preparations. One way to prepare for your death is to craft a will. A will is a document that outlines the distribution of your assets after your death.
Find out the benefits of crafting a will before you die.
1. Dictate Asset Distribution
The primary purpose of any will is to dictate who will receive your assets. Since you have worked hard for your money, real estate, personal belongings, and other things, you want the people closest to your heart to benefit from your assets. Most people leave their assets to their children, spouses, and close relatives. You can also choose to bequeath your property to charities and friends.
2. Decide the Care of Your Minor Children
The will allows you to decide how your minor children will be cared for if you die. Failure to make this decision through a will allows the court to appoint a guardian for your children.
While the guardian may do their best, only you can make the best plans for your children. Hence, a will ensures that your children don't end up in the wrong hands.
3. Facilitate Probate
Probate is the process of verifying the validity of a will, usually through a court-supervised proceeding. The probate process's duration and cost depend on your assets' value and size. You can minimize the duration of the process by drafting a will. The presence of a will prevents disgruntled beneficiaries from unnecessarily contesting the distribution of your property.
4. Allows You to Select Your Executor
The executor ensures that your wishes happen as you intend. When you draft a will, you have the power to decide who the executor will be. Hence, you can choose somebody you trust and who understands your wishes. Without a will, the court will appoint a person who may not understand your wishes completely.
5. Eliminate Legal Wrangles
When you create a will, you prevent your heirs and beneficiaries from engaging in protracted legal battles. These legal cases can go on for several years and result in high legal fees that can reduce your beneficiaries' eventual inheritance.
6. Ensure Financial Security
Some of your family members may be living with disabilities and other special needs. These relatives may not have the mental or physical capacity to fight for their inheritance. Moreover, these individuals need robust financial aid to complete their daily activities and live happy life. When you make a will, you guarantee financial help for family members with special needs.
7. Protect Your Unmarried Partner
If you and your partner are not legally married, the partner may be left out of your property distribution. This scenario may happen regardless of how long you have been in a relationship. When you write a will, you guarantee your partner that they will also benefit from your estate. For example, you can leave your current home to your unmarried partner or step-children when you die.
8. Reduce Inheritance Tax
Inheritance tax varies from state to state and depends on the value of your estate. You can structure your will in such a way that you reduce the inheritance tax. An experienced estate planning lawyer can help you with this endeavor.
Benefit from Proper Estate Planning
A will is one of the most important documents in estate planning. The will helps you to distribute your assets and prevents problems when you die.
Donald B. Linsky & Associate PA can help you to create a will that meets your wishes and interests. Contact us to learn how we can help you.
