Do you own a large estate? If yes, then you surely remember your sweat and toil that went into the establishment process. So, do you want your property to go for a broke after you die?
And, here’s precisely when you need a last will for yourself. This legal document enables you to decide what happens to your estate after your death. However, almost two-thirds of Americans don’t have a legal will, as per a recent survey.
If you’re one of the two-third of people, know there are many reasons to have a will. Dying without a will makes the local court and state laws responsible for taking all critical decisions. Also, you no longer have a say in who receives your estate and assets, which makes it difficult for your beloved family after your death.
Now that you know the importance of having a will, the below-mentioned reasons are sure to validate your choice. All you’ve to do is stick on and discover:
- Choose who Takes Care of your Minor Children:
If you’re a young parent, you surely would want to use your will for nominating a guardian for your minor children’s care. As per law, the surviving parent gets sole custody in case one parent dies. But, what if both parents pass? Well, that’s the entire essence of having a will.
You name a person to cater to your child’s daily needs. These may be food, health, education, housing, and clothing. And, if you don’t nominate a guardian in your will, the court may pick a just and wise person for their care. And, chances are great; it will be someone you would have never chosen for raising your beloved kids.
- Save Money, Time, and Stress for your Loved Ones:
Studies show that all properties undergo a legal process to oversee the distribution of assets. But, this process can get complicated if you don’t have a will.
The court generally names a personal representative for administering your estate. This person usually takes a long time, which is often contentious and expensive for your loved ones.
With a will, you have the flexibility of streamlining the probate process. You can also choose which person will handle your estate, making it easier for your loved ones- saving both time and money.
- Determines the Person Manage your Estate:
One of the most significant reasons for having a will lies in deciding who’ll handle your estate well in advance. When you write a will or prepare a will template, you become a “testator”. You have an opportunity of nominating an “executor”. This person has the responsibility of wrapping up your estate affairs.
An executor’s job is essential. The responsibilities are multifaceted- from liquidating the assets to closing the bank account. Thereby, always choose a person you trust and capable of carrying out these activities for you.
- Decide who Gets your Property and Assets:
People believe that the entire essence of having a will rests in knowing who will get the property. As a testator, you name certain people as beneficiaries of your assets. The executor who handles your will also distributes your assets.
Did you know that you can also use a will to ensure that people don’t receive anything? For instance, you may wish to prevent your ex-spouse from being a beneficiary of your inheritance. Or, if your first child received your support during graduation, you may want to ensure that the second child gets a benefit, too.
- Provide a Home for your Furry Friend:
Are you a profound pet lover? Well, this is another reason for you to have a will. With this, you can ensure that someone cares for your pet after you die. And, why not? According to the court of law, your pet is your property, too.
Thereby, people name beneficiaries for their pets. These people can be a trusted friend or family member. You can leave this person some funds for your pet’s care or even ask the person to act as a guardian.
- Manage your Digital Assets:
Your digital assets include your social media accounts like Facebook or Instagram or your email and digital files like domain names, videos, photos, etc.
While making your will, you as a testator can name a person as a digital executor for managing your digital assets after you pass. You leave out clauses about the ways of handling them, like having the account closed after their death.
- Lower the Potential for Family Disputes:
Having a will is the best for people with complicated family dynamics. Dying without a will means you’re putting your family in a tiff of guessing what your final wishes were. And, chances are great; even if they know, they might disagree.
This enigma often creates friction and fights, which may last a lifetime. Thus, having a will well in advance of your death is always a good idea. It eliminates the problems associated with guesswork.
- Leave a Legacy by Supporting your Favorite Causes:
Are you among the people who wish to leave a legacy- a positive impact on the world? Well, one such way of making a difference lies in supporting the causes and charities you’re in profound love with.
By writing a will, you can preserve this legacy and leave the part of your estate to a charitable organization. All you’ve to do is select your favourite causes and include those in the will template.
- Instruct about your Funeral:
Nobody wants to think about their funeral, but death is the harsh reality and being prepared for it is the key to facing it. Now that you know, it’s wise to think about it and leave some instructions with your will.
Doing so not only gives you a sigh of relief but also lessens the burden on your loved ones. Although these instructions aren’t legally binding, they indeed give your trustees a quick glimpse over your wishes.
These may include a funeral executor’s name, suggestions for location and service in addition to the requests of the final resting place.
The Verdict- A Will to Make Three Generations Proud
Now that you’ve read through the reasons, you realize the importance of having a will. It’ll come as a surprise to you, but making a will has been more accessible than ever. All you need is an expert to provide a will testament and some advice to help you make trusted decisions. The good news is that you don’t even need an attorney unless you have a complex estate or disputed family dynamics.
After all, it’s your final chance of making one last impression!