Without a Will, your estate, including your house and finances, are dispersed according to local state laws. This could mean subjecting your loved ones to a lengthy battle with the probate courts. The good news is that making a Will couldn’t be simpler. You can get a legal will kit and write your will. Head to Suzanne R. Fanning for more information.
You Have a Say in Where Your Assets Go
Presumably, you have paid some though to where you want your assets to go after you die. To have these wishes respected, they must be contained in a legally-binding document, like a Will. Without having your wishes committed to a Will, the state will distribute your assets in accordance with their laws. This can cause rifts in the family and result in ugly legal battles. Producing a Will minimizes ambiguity and gives you the ultimate control over where your assets go after you die.Your Will Establishes Legal Guardianship for Children Under the Age of 18
Making a Will should be a priority for parents with young children. Your Will will provide clear instruction on who is to become your children’s legal guardian in the event of both your and their other parent’s untimely death. If you do not have one, again, the state will make that decision and your wishes will not be considered.Protecting Your Business
If you own a business, your Last Will and Testament (alongside any living Trusts) can ensure that your business goes to the family member (or co-worker) who is best able to manage the company. More than 70% of small businesses fail after the founder passes away. This is because most business owners fail to plan sufficiently for their death and the business is passed to those who cannot keep the business alive.Minimize Taxes
Additionally, a Will can help minimize the taxes your loved ones will pay on your estate. There are mechanisms that can be put in place to reduce the estate tax your family will pay on your assets. However, without a Will, these cannot be implemented.To Make a Challenging Time Less Difficult for Your Loved Ones
Above all, a Will makes a very troubling time for your loved ones a little bit more bearable. Instead of spending time going over nitpicky details with lawyers, a Will offers certainty in an uncertain time and reduces the legal paperwork your family will have to handle at this difficult time.The loss of a family member is always difficult. Everyone responds to grief in their own way and there are few certainties available. A Last Will and Testament offer a glimmer of certainty in a pool of doubt and sadness. This will be of comfort to many.
For more information, contact a legal advisor who specializes in estate laws. They will be able to help you create a will and offer advice on how to protect your loved ones following your death.
