No matter how advanced medical technology gets, the reality is that all people are going to eventually die. While no one likes to think of their own mortality, the more prepared you are, the happier your family is after you are gone. A will allows you to appoint an executor to pass out your belongings and give guardianship to any minors living in your home. Simply put, a will is a huge protection for your family.
1. You make your choices
When it comes to your assets, belongings and children, you want to make the decision about where they end up. If you die without a will, you have little to no control over where your possessions and children go. With a will, you can decide beforehand where you want everything you have worked for over the years to go and determine that the right person is caring for your children.
2. Lower estate taxes
A will can also help you minimize any estate taxes that must be paid after you pass away. Anything you give to charity or family members can reduce your estate’s value when it comes time to pay taxes on the total property.
3. Donations and gifts
If you want some of your hard-earned money to go toward charitable fou ndations or a gift to someone that meant a lot to you, a will allows you to dole out money as you see fit. In this way, your personal legacy continues with the things you were passionate about.
It is sad to say, but there are times when you do not trust an individual who is in line to inherit your money or belongings after you die. Without a will in place, the estate may go to an ex-spouse or a child with a spending problem, meaning your money is not used to care for the things you hoped for.
5. Avoid probate
With or without a will, your estate must go through the probate process, but if you do not have a will, then the court decides how your estate should be divided without any input from you. This almost guarantees that the process will take longer than you would like.
Tomorrow has no guarantee
There is no way to determine what the future holds, and you should always be prepared for the worst if you hope to protect your family and your estate. Contact an attorney today to discuss the steps of creating a will.