A Last Will & Testament is a valuable document that your family will benefit from when you die or if you become incapacitated at some point. Your will can communicate how you wish your family to be taken care of, your assets to be managed/distributed, and even which charities will benefit from your long years of responsible planning.
Here’s the thing about wills, however. Every person and their finances are different, so the value proposition of a good will, and associated estate plan, revolves around different key ideas for everyone.
Take a look at the reasons you should have a will, below. If, you find a reason that makes sense for you, give us a call, and we’ll help you get started on your will today!
Why You Should Have a Will
- A will gives you the power to determine how your estate and assets will be handled.
- If you were to die before creating a will, there is no guarantee, or expectation, that your final wishes will be carried out.
- A will helps keep families from fighting over the assets left to them. It provides guidance, and even advice, as to when, how, and why certain parts of your estate should be divided up.
- Your will gives you a choice as to who will care for your children should you pass away. Without a will, the decision of who gets to care for the children could be left up to a judge. In some cases, the kids are taken and put into foster care until a decision is reached, or permanently.
- The probate process will be more straightforward if it is necessary at all. One of your goals in your will is to get rid of all ambiguities and make determinations on the distribution of your assets simple. Without direction, a court may have to decide the best way to handle things – which is likely to upset everyone and cost more $.
- A will is also an excellent way to ensure that your assets go to the people that you desire to have them. Not everyone who has a claim to your assets is someone to whom you’d willingly give them. A will is the one way to direct the assets you leave behind to the people you want to inherit them, and to keep those people you’d rather move on from taking what otherwise would not belong to them.
- Some people use a will to donate a certain amount of money or property to a charitable organization. Sometimes a person may want to see a school or institution supported once they pass on, so they will create a section in their will delegating a certain amount of property or money to go to that institution. You should consult with an estate planning attorney to see if there are better ways to transfer your wealth to a charitable organization.
- A Will is part of a larger estate plan. Your estate plan is a powerful and somewhat living entity. As you grow and your assets change, it has to grow and change with you. If you have trust in a wonderful estate planning attorney, they will always make sure your Will is up to date and reflects the long-term interests of you, your family, and your estate.
Work on Your Will Today and Begin Your Estate Plan
There are many more reasons why you should create a will. If any of the reasons above resonated with you, or if you have other reasons for wanting to get started, we will help.
All of us at Yana Feldman & Associates can help you through the will process. We desire to make end-of-life care and planning easy for all involved. We have a team of caring and knowledgeable people that listen to all our clients.