One of the most essential things that you can do for yourself and your family is to create a will. A will is a legal document that details how your estate will be handled after you die. A will can, among other things, designate how and to whom your money and property is distributed.
There are several reasons why you may want to create a will. Let’s take a look at some of the most important:
You have control over your estate
Creating a will allows you to control how your estate is dispersed. If you pass away before you make one, there are no legal guarantees that your property will be handled as you would have wanted. When creating your will, you can choose a trustworthy executor. You can also change your mind and adjust your will as you wish.
It protects your children
Your will can also lay out the details for taking care of your minor children. Without a will, the court will determine your children’s legal guardians, where they live, and other important issues that you will not be able to control.
Estate taxes decrease
A will can help minimize the taxes incurred by your estate, ensuring that your beneficiaries receive as much of their inheritance as possible.
You can include or exclude beneficiaries
It is up to you to decide who will be the beneficiaries of your estate and how much they will receive. Without a will, however, your loved ones could lose their inheritance to individuals you do not want to include.
The joy of giving
Through your will, you can also make contributions to charities or causes that you care about.
Avoid a thorny legal process
All estates must go through the probate process, the legal process in which property is transferred and issues are settled regarding the estate. A will can significantly expedite the legal process, which might otherwise be lengthy and tedious.
Because life is precious
Life is short, precious, and unpredictable. One of the only guarantees we have about life is that someday it will end. You can prepare by contacting an estate attorney to create your will.