When we leave this earth, we cannot take anything with us. All of the money and assets that we’ve accumulated will have to go somewhere. Many people do not see the importance of having a will until the very last minute. A will ensures that you get to distribute the hard-earned valuables that you obtained throughout your life, in a fair manner. More reasons why you should make a will include:
There will not be any probate problems
When a person fails to make a last will and testament or fails to create a legally binding one, their assets have to go through probate. This leaves quite a bit of hassle behind for your loved ones. When these problems occur, a lot of money and time may have to be spent going through the probate procedure. Some of the expenses include court costs and attorney’s fees. Other problems that will follow might be that the named executor doesn’t want to be responsible for the role. Also, problem may occur if heirs don’t believe in the validity of the will or a none accurate value of the estate. If you want to avoid all of these difficulties of not having a will, you may seek for solutions. These may be a living trust, pay on death account, life insurance, and pensions.
All of your assets will be distributed as you wish
A will ensures your wishes will be respected according to the statements in document. This makes things easier for those you leave behind. In contrast, things will get much more complicated if you die without a will. Although your assets will be distributed, some of them will be transferred according to the state’s intestacy law. This law has a strict hierarchy of who will be the first person to inherit your assets. It starts with your spouse and children. If you want to assign which asset goes to who without a probate process, you may use a living trust for the assets not covered by deeds, retirement accounts, life insurance, or a pour-over will. By making a pour-over will, the leftover from your assets will go to the trust. Also, the trust will distribute it without enacting the intestacy laws.
You will gain many benefits
There are other methods that will allow you to distribute your assets other than a will. Nevertheless, creating this legal document provides you with some benefits that you will not get from the other arrangements. A valid will can show you the big picture of all your assets. This makes it possible for you to develop a well-thought plan for everything that you own. It also ensures that your assets will be distributed accordingly as the judge will adhere to this will only. If you want to change something, you can get it done by signing just one paper. When you make a will, you hold the power to decide what should be done with the things you leave behind. You should name an executor to make sure that everything will go according to plan. If you have minor children, you can name someone to be their guardian and the person who supports their financial affairs.
There is no doubt that a will gives you more of a say in what should happen to your assets after you have passed on. If you have a complicated estate that you want to distribute to many different people, you may need an attorney to draft your will. Don’t have too many assets and plan for a straightforward distribution? You will be able to save a lot of money by drafting your own will with our help.
1. Filing for Child Custody by Unmarried Parents, www.courts.alaska.gov/shc/probate/probate-intestacy.htm.
2. Government Digital Service. “Wills, Probate and Inheritance.” GOV.UK, GOV.UK, 12 Dec. 2014, www.gov.uk/wills-probate-inheritance/if-the-person-left-a-will.Get Your Free Will Kit Today