Estate planning is not just for individuals and families with large estates. One of the most important documents to have in your estate plan is a will. Have you thought about getting a will but decided to do it later? Think again. Dying without a will creates serious repercussions for your loved ones.
Do you know the benefits of having a will?
Everyone needs and benefits from having a will. This is true for families with significant assets. It is just as true for new parents and single individuals who may just be starting their careers. Whoever you are, you will benefit from having a will.
Why? Below are the top five reasons why everyone needs to have a will:
1. You will decide what happens to your property. This includes your home, vehicle, pets and other possessions. You can include specific instructions on who will receive these items and how to care for them.
2. Your children will be taken care of after you are gone. Your will should include who will become the guardian of your children if you and the other parent pass away. This is vital to include in your will and will make sure your children are properly cared for after you are gone.
3. You can determine who will oversee your estate. Your will should name an executor, who will be responsible for managing and administering your wishes as stated in your will. This will make sure your wishes are honored and your estate is properly managed.
4. You can leave some or all of your estate to charity. Your will allows you to include specifications for how your assets will be distributed and will help prevent legal disputes since it will be written down in a legal document.
5. You can potentially minimize estate taxes depending on the amount of money you have and how you decide to distribute your assets to heirs.
There are many benefits of having a will. Keep in mind that you can always update your will as circumstances change, but the most important step is to have a will before it’s too late.
Get started before it’s too late
Your attorney can help you understand what to include and what not to include in your will, along with discussing when to update your will and what other estate planning documents to have to protect you and your family.
