Do you ever wonder, why have a will? Let’s face it, we’re all going to die. It’s a 100% done deal. No one knows how or when, but it is going to happen. It could be tomorrow or it could be 40 years from now. Regardless, of timing we all need a will. It doesn’t matter if you are 25, 35, or 85. We all have possessions, children or spouses, and ideas of what we want done with our assets. Are you single and don’t think you need to do this? Think again. Still, there are tons of people who haven’t lined out their wishes. Still not convinced? Here are some more reasons why you need to put a will in place.
Why Have An Estate Plan?
You decide how your estate will be distributed- This allows you to decide how your estate will be handled upon your death. It helps minimize family fights and clearly spells out the who, what, and when aspects of your estate. Without having this done, there is no guarantee your wishes will be carried out.
You decide who will take care of your minor children-You put in writing who is allowed to take care of your minor children. This way you know who will be raising them and, more importantly, put in writing who shouldn’t be raising them. Without this legal testament, the courts will pick family members or state-appointed guardians.
Avoiding drawn out probate- Despite a common belief, all estates must go through probate, with or without a will. However, a legal document cuts down on this process by having everything lined out about how you want your estate to be divided. Without a legal document, the court will decide how to divide your estate, which can cause long delays.
It can minimize estate taxes- A will allows you to minimize your estate taxes. The value you decide to give away to family members or charities reduces the value of your estate when it’s time to pay estate taxes. Are you still wondering, why have a will?
Other Reasons To Have A Will.
You decide who will tie up the loose ends of your estate-Choosing an executor is important because this is the person who will make sure all your affairs in order. This includes paying off bills, canceling credit cards and notifying banks and other businesses. Be sure to appoint someone who is honest, trustworthy and organized.
You can disinherit people who would otherwise inherit-A lot of people don’t know they can disinherit individuals in a legal document. This is especially helpful if you have gone through a bitter divorce or have irresponsible children.
You are able to make gifts and donations-This allows your legacy to live on and reflects your values. Gifts up to $13,000 are excluded from estate tax, so you are increasing the value of your estate for your beneficiaries to enjoy.
Are you still asking yourself, why have a will?
You can avoid greater legal challenges-Dying without an official document may mean that your estate will fall into hands you didn’t intend.
You can change your will as your life changes- As births, deaths and divorces happen, you can include or disinherit individuals as time goes on.
Because tomorrow is not promised-No one knows if they will be here tomorrow. This is why it is important to get this set up as soon as possible. It is important to spare your children and other family members as much added emotional stress as possible.
As you can see, there are many reasons to have a will. There are many ways to obtain a will, either through an attorney or online. The following resources will help in obtaining a will online.
Why have and estate plan? To give your family the gift of peace of mind after you pass away. Why have a legal document? To give you peace of mind today. Why have a will? Because no one is promised another day. Why have a codicil? So your loved ones will have peace on your dying day.
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