Why It Is Very Important To Have A Will
A will is a document that highlights how you’d like your assets and property to be distributed in the event of your death. It indicates how your material goods should be disposed of, the guardianship of any minor children in your care, and anything else that you would like to hand down to specific individuals. If you do not designate these things, the state may decide for you.
Nobody likes to think about what happens if they die, and making plans for that eventuality can seem overwhelming, but creating a will is necessary and worth it. It is a fairly simple process that can save your family time, money and grief as well as give you a peace of mind.
Here are the prime reasons why you shouldn’t wait any longer to create a will:
Avoiding A Time-Consuming Probate Process
Probate is the legal system that accounts for and distributes an individual’s properties upon their passing. Many people aim to prevent this process because it is time consuming and expensive, but all of your properties must go through probate, with the presence of a will or in the absence of it.
Having a will, however, accelerates the process and informs the court how your properties should be divided.When you die without having written a will, the court will decide how to distribute your property without basing on your opinion, which can be time wasting hence causing unnecessary delays.
For The Sake Of Your Loved Ones
Losing someone is hard enough already, and the last thing anyone wants is to spend that time disputing with lawyers and family members. Making a Will keeps your loved ones from having to deal with civil service in a time of sadness.
If your family is not sure if you’ve made a Will or not, it will cost them time and money just trying to find out. If it turns out there is no Will, your family will end up having to go through the courts to seek to get a power of your properties so that it doesn’t end up in the government’s hands.
For Our Children’s Sake
If your kids are under the age of eighteen, you are putting them at risk of having their futures decided for them by the state, which may not be favoring on the people you would have approved to look after your children. This can cause distress for the children, as well as other family members, at a particularly challenging time.
To Avoid Estate Taxes
This is the tax that the government takes at the date of death. The percentage is based on the deceased’s net worth, after all, debts are accounted for. It also differs by state, but the more expensive the estate, the higher the tax rate.
But if you have a will, it will significantly reduce the amount of tax you pay or even eliminate it altogether. Some gifts to people and organizations are exempt from the estate tax, allowing you to give more to the people who mean the most to you.
For Your Peace Of Mind
If a will is not presented, your assets will be divided up based on generic state rules without basing any decisions from you. These rules rarely reflect what the person wants, and never allow those not related to you, such as close friends or mentors, to receive anything.
Your ex whom you’ve had already divorced could make out excellent with the majority of your assets, while the people who were always there for you get nothing.