Eight Benefits To Getting Your Will Done Now – The purpose of a last will and testament is to allow a person to detail out in writing how they wish to have their assets distributed upon their death. It is a crucial piece to estate planning, as it eliminates the threat of having the family and friends you leave behind go through any unnecessary complex legal processes.
The problem is most people don’t like thinking about it, or they’re young and believe they aren’t going to die anytime soon.
No matter what stage of life you are in, it is never a bad idea to get a will put into place, especially if you are married and have children. Here are eight benefits to getting your will done now.
It’s simple and easy to do
It’s your will; there’s no specific set of rules you must follow to distribute your assets, everything comes down to what you want. And once you’ve written it, it won’t be revoked unless you say so.
You can make changes as you go
To piggyback off the first benefit, you can make changes over time (example: add more beneficiaries, disinherit someone from the will, etc.) without going through complex legal procedures. This speaks to those of you who think you are too young to worry about it.
Avoid legal challenges
As you can tell by now, having a will in place gives you control. If you die without one, intense legal challenges can come into play, and there won’t be any guarantees your wishes will be carried out.
You can decide who cares for your children
If you and your spouse were to die unexpectedly while your children are still minors, who will care for them? A will allows you the opportunity to set all those plans in place ahead of time. Without a will, the courts could decide who gains custody of your children.
Avoid disputes and conflict among family members
Tensions can run high when there’s no will and family members are left to argue over what they each feel is the best course of action for your estate. Eliminate these potential disputes by setting the record straight in your will.
Going through the proper estate planning methods reduces estate taxes and inheritance taxes.
Decide how your property is divided
We’ve been alluding to this point throughout this blog post. How your property is divided is completely up to you. You can give an entire piece of property to one beneficiary, split it amongst several, or give it to charity. You have full control.
You can choose an executor
An executor, someone you choose to manage the details of your will, ensures all your wishes are carried out exactly how you want them to be. This can be a family member or someone else you trust.
For more information on estate planning, here’s a blog we wrote on the pros and cons of The Will vs. The Living Trust.
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