In this life, anything can happen at any time. It’s important to have a death will in order to ensure that your family won’t end up in shambles in sharing your possession and asset management for your family after you’re gone.
If you’re not convinced about having a will, 10 reasons why you should have it includes:
A will legally dictate how to distribute your properties among your relatives. This will ensure that your family will not have to go through fights and disputes deciding who should get what. If you think which one of your family member will benefit most from a piece of your estate, then you can decide exactly who gets what and when.
You can appoint a guardian to take care of your child, in the case that you have a minor at the time of your death. This will ensure that your child will surely be taken care of without you. Spare your child from the random fate of a state-appointed guardian. Some people will look to take advantage of your child, you can avoid having that by saying who gets to care for them after you’re gone.
Any estate requires probate period, with or without a will. However, it will go by much faster with a will that states exactly who it belongs to and how to handle it. The court will decide according to how you wrote your will through the administering process of your estate. Without any input from your part, it’s going to take a very long time to distribute all of your estates.
The amount of money distributed to your family members or charity in your will reduce the estate taxes you have to pay when tax seasons roll around.
You can include in your will your choice of executor of your estate. This individual will act in your stead when it comes to dealing with financial and official issues. They must notify the bank, close your bank accounts, pay your remaining bills and other administration required. This will avoid the charges to your family by that state and financial institutions related to the issue.
You can disinherit individuals who you do not wish to have your estate after your death in your will. For example, your ex-spouse might chime in during the estate distribution process to take a slice from your family. By disinherit any possible interferer, you ensure that all of your estates go to the people who you wish to give it to.
You can decide to give a sum of your estate to charity and donations. This will ensure that your legacy will live on, and your perception by the public will remain positive, even after you’re gone.
In addition, an excluded gifts up to $13,000 from the estate tax can also increase the value of your estate for your heirs and beneficiaries to enjoy. Check the current laws of your state to learn more about tax exclusions.
As stated, your will specifically decides who gets the money. A case involved the estate of a deceased son who was awarded over $1 million from a wrongful death lawsuit. When the son died, the son’s father, who had not been a part of his son's life for over 32 years, claimed inheritance over the money. He left nothing behind for the son’s relatives and siblings.
Because, as long as you live, you can encounter situations that might change how you want to distribute your estate. This means that you can update your will to include anyone who you might wish to have a part of your estate to enjoy it.
Common reasons for not having a will includes procrastination and the unwillingness to accept death as part of life. People often overlook its importance until it’s too late. Your death means a hard time for your family. You don’t want to see them having a fight over your wealth after you’re gone.
