Without a doubt, having a Will is perhaps one of the most important things you can do for your family and yourself. A Will can legally protect your spouse, children, as well as your assets. In addition to that, a Will can exactly spell out how you would want things to be handled once you are no longer around.
Unfortunately, many people usually shrug off the idea of creating a Will until when it is too late. This only means that when you die, your assets will be distrusted according to the rules of intestacy. These rules may not reflect how you would have wanted your assets to be distributed. By why can you make your loved ones go through this if you can create a Will when you are still alive and able?
Creating a Will is much simpler and very affordable than you think. If you live in Georgia and want to write your Will, you can speak with a Will attorney from Bardley McKnight Law to help you create a customized Will to ensure that your wishes are carried out.
With that said, let’s take a look at some of the incredible reasons why having a Will is very important.
- It provides financial security for your loved ones
The most effective way to ensure that your loved ones are adequately provided for when you are no longer around is by having a Will. It not only gives you peace of mind but also your loved ones will know that the right steps have been taken to ensure that they are provided with the financial security they need.
This is especially important for couples who weren’t married since their relationship will not be recognized by the Intestacy Rules that apply when someone passes on without leaving a valid Will. By creating a Will, you will be able to provide for the people you care about.
- You decide how your property will be distributed
Another incredible reason why you should create a Will is that you will decide how you want your property to be distributed. Your last Will ensures that your property is divided according to your wish once you are gone. In case you die without leaving a Will, there is no guarantee that you desires when it comes to your property distribution will be carried out.
- You decide who will take care of your minor children
Another reason to write a Will is that it allows you to make an informed decision about who should take care of your minor children after your demise. If you have young children and you want to provide appropriate care even after your demise, you need to create a Will. It is also a good idea to consult the prospective guardians to ensure that they are willing to take that responsibility before you name them. Also, make sure that it is someone you believe can raise your children the best way possible.
If you don’t leave a valid Will and have minor children, the court will choose any family member or a state-appointed guardian who will take care of your children.
- A Will allows you to choose your executor
A Will also allows you to decide who will be responsible for making sure that your wishes are carried out or administer your affairs after your demise. Of course, this means that you get to choose a person you know will be suitable and is more likely to represent your wishes.
An executor is responsible for administering the estate, including the distribution of contents of the house and personal effects. It is crucial that you choose the right person. Unfortunately, if you don’t leave a valid Will, the law will choose for you.
- To avoid inheritance disputes
If you die without leaving a valid Will, your asset may end up in the wrong hands that you wouldn’t want to inherit it like an ex-spouse with whom you had a bitter divorce. Of course, this can lead to inheritance disputes. An inheritance dispute can be nasty and costly. So, if you don’t want such a scenario after your death, the best thing to do is write a Will is you are still alive.
- To minimize estate taxes
Another incredible reason why you should have a valid Will is that it can reduce your estate taxes. The value of what you give away to your family members or charity will decrease the value of your estate when it is time to pay estate taxes. The tax savings made can be very significant.
- To avoid a lengthy probate process
Generally, all estates must go through the probate process, whether there is a Will or not. However, having a Will can expedite the probate process and inform the court how you want your estate to be distributed. Probate courts serve the role of “administering your estate.” So when you pass on without leaving a Will, the court will have to decide how your estate will be divided, which can cause delays.
- Make wishes for your funeral
A Will allows you to specify your funeral wishes. You can decide whether you want a quiet wake or whichever way you want it to be. You can also decide whether you want to be buried or cremated. This allows your loved ones to ensure that your body is treated the way you wanted, reducing confusion and disagreements during a stressful time.
- It is affordable
Making a valid Will is much simpler and more affordable than most people think. So if you are still pushing off the idea of creating a Will because you think that it is expensive and time-consuming, then you are wrong. The process is affordable and simple, especially if your assets, finances, and beneficiaries are fairly straightforward.
If you have been considering making a Will or updating your Will, this is the right time to do it when you are still alive and able. Tomorrow is also not promised. Because you love your family, and you want to provide them with financial security they need, look for a Will attorney today and make your Will.