Estate planning is full of many details. Even if you have a solid understanding of your situation, it doesn’t mean you have a plan in place that you can trust. Fortunately, there is always time to make changes for the better.
Are you familiar with the biggest benefits of wills? If not, now is the time to learn more. This is not your only estate planning option – as trusts are just as common – but it is definitely something you want to consider.
Creating a will is one of the best things you can do, both for yourself and your loved ones. Not only does it provide legal protection, but it can give you peace of mind. After all, you want to know that your assets are going to the right place upon your death.
The Benefits
With all this in mind, you may want to learn more about the benefits of wills before doing anything else. This is the only way to ensure that you make the right decision regarding your estate plan.
Here are five benefits you don’t want to overlook:
- The ability to decide how your estate is distributed. How do you want your estate to be handled when you pass on? Since you probably have some ideas in mind, you need a will to ensure that everything is carried out as planned.
Taking this one step further, a will can go a long way in minimizing arguments between family members.
- Decide who will take care of your children. Do you have minor children? If so, you must make sure they will be taken care of in the event of your death.
Remember this: if you don’t have a will in place that outlines a guardian for your minor children, the court will make this decision on your behalf. Is that a risk you are willing to take?
- To help with the probate process. A will doesn’t mean the probate process won’t take place. That being said, it can help speed things up to ensure that your loved ones don’t have to deal with this for many months (or longer).
Having a will makes it clear as to how you want your estate to be divided. This makes life easier on the probate court, as well as your family.
- To disinherit a particular individual. This may sound silly, but it’s something you can do with the help of a will. Is there somebody in particular that you don’t want to leave an inheritance? If so, you can make this known in your will.
By law, there are loved ones who will stand to inherit some of your property should you die without a will. Since this could land your assets in the wrong hands, you must make sure you have a valid will in place. This way, you can make the final decision as to who gets what.
- To help your family avoid legal challenges. If you die without a will, you never know what type of challenges your family will face. Although you won’t be around to deal with it, you’re putting your family in a difficult spot.
In the most serious of situations, legal challenges arising from the lack of an estate plan can drag on for many years. Over time, this has a way of pulling a family apart.
Now that you understand the biggest benefits of a will, it’s time to decide if this is the estate planning document that is best for you and your family. There are other strategies to consider, such as a trust, but a will is often the best place to start.
If the time has come to create a will, don’t overlook the benefits of consulting with an attorney. Some people consider a DIY will, only to learn there are many details they don’t understand.
There are many dangers of a do it yourself will, including the potential of making a serious mistake that causes more harm than good upon your passing.
Our free report on the dangers of do it yourself wills is one that you want to read. This will give you a better idea of what you should be doing in regards to creating an estate plan.
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