One of the most important things you can do is create an estate plan. This means something different to everyone. Even if you don’t know what you are doing, you should have enough knowledge to understand this: a simple will is a good idea.
This is not the only estate planning option, but it is definitely one of the most popular. There are many benefits of creating this legal document, and you need to become familiar with all of them.
A simple will is more than enough for some people. Others, however, want to take things a bit further, such as by creating a living trust.
If you are okay with the idea of using a simple will as your primary estate planning vehicle, here are several reasons why you should create this document without delay:
- The opportunity to decide how your estate will be distributed upon your death. This is the primary benefit of a will, as you are able to make all the decisions regarding your estate.
No matter what you want to do with your estate, you can use a simple will to put a plan into place.
- Make a decision as to who will care for your minor children. The last thing you want to do is pass away while your children are still under the age of 18. Although you have no plans of this happening, it’s better to be safe than sorry.
A will allows you to make note of who should care for your minor children. Make sure you think long and hard about who you appoint.
- The ability to choose an executor. When choosing a will executor, you have the right to make a decision that gives you peace of mind. You want to be sure that this person has your best interests in mind, and that he or she is able to follow your directions down to every last detail.
Remember, this person is staffed with a variety of responsibilities. There is more to this than simply handing out assets and leaving the process in the past. For example, the executor may need to pay off bills, deal with outstanding debt, and notify certain entities, such as your bank, that you have passed on.
- Make gifts and donations. With the help of a will, you can make gifts and/or donations upon your death. This is not something that everybody does, but it is an idea to consider. And if it is something you are looking into, you know that a will can help ensure that everything is taken care of in the appropriate manner.
- Help your loved ones avoid legal challenges. If you pass on without a will in place, it is possible that some or all of your estate could end up in the hands of the wrong person.
Don’t take this risk. Instead, create a simple will that makes it clear as to who gets what. This removes all the gray area, making things easier on your loved ones once you are gone.
Final note: it is easy to say that you don’t need to create an estate plan, especially if you are young. But remember that tomorrow is not guaranteed. You never know what the future holds, so it is a good idea to create a will as soon as possible. This can be a stressful process, but it will also give you a great sense of accomplishment.
Do you have questions about estate planning? Are you interested in learning more about the benefits of a simple will? If so, you may need to reach out to a qualified legal professional.
This is why our law firm schedules a variety of free seminars throughout the year. With these events, we can provide attendees with a variety of information and advice. You never know what you will learn, so be sure to stop by and see us in the near future.
We discuss everything from the benefits of a simple will to potential downfalls and everything in between. Along the way, you have the chance to ask questions to learn more about your particular situation. We hope to see you in the near future!