Where there is a will in place, there is a way to protect your assets after your passing.
Yes, sitting down with a family law attorney and drafting a will can help you take care of family, friends, and special causes after you die. The alternative is to put estate planning on the back burner — dragging your feet on this vital matter — and letting the courts decide who gets what.
Considering how important a will is, you might be surprised to learn that most Americans don’t have wills. Whether you’re rich or poor, have children or are childless, or own property or rent, a will is necessary.
Keep reading to see four reasons to have a will if you don’t already have one
1. Decide Who Will and Won’t Get Your Assets
Having a will in place will allow you to determine who gets your assets and who doesn’t. After working hard to accumulate property and resources, you don’t want someone else to decide who will inherit your estate. If you have children, you may want them to get the family house or the funds in specific bank accounts. Making those decisions while you still can is vital.
Equally important, you can block certain people from inheriting any of your assets. Is there an ex-spouse or in-laws you don’t wish to get your property or assets? You can stipulate this in your will. No one who shouldn’t inherit anything will inherit anything if you have a will in place.
2. Select Who You Want to Care for Your Kids
If you have children who are minors, you’ll need a will to list who you want to take care of them if you die unexpectedly. The surviving parent typically gets custody if one spouse dies. But in situations where children are left orphans, you can use a will to name the guardian.
It’s always best to speak to the would-be guardian beforehand to ensure they’re alright with being the guardian. Failing to name someone to care for your kids after your passing means the courts will decide — chances are you’ll prefer to choose the guardian rather than have the court do so.
Read Also: Tips To Find The Best Financial Advisors
3. Simplify Things for Your Family
A will can make things easier for your loved ones after your passing. It’ll be hard enough for your family to cope in the immediate aftermath of your death. You can make things easier by having a will. Most estates must pass through probate court before the executor can distribute assets. Having a will, however, allows the probate process to flow more smoothly than if there isn’t a will. With no will, the court will name someone to administer your estate. That can be a time- and money-intensive process. Select who will administer your estate.
4. Reduce the Chances of Family Infighting
Another reason to have a will in place is to reduce the chances of family disputes over the distribution of your assets. Unfortunately, some families will bicker and fight over who gets what — all at a time when they should come together to mourn. A will can eliminate contention since you can stipulate who gets what rather than leave your family to fight over who gets what.
These are some reasons to have a will. But for the best results, work with a family law attorney. Otherwise, someone might contest your will in court after you pass away. If there are any errors in the will, a judge could deem it null and void, defeating the purpose of having a will. But a reputable and experienced family law attorney will ensure your will is legally valid.
