Why you need a Will
Death is an inevitable part of life. Although it is undoubtedly a sobering event, especially for the remaining loved ones, estate planning can help alleviate some of the pains of losing someone. One of the critical tools of proper estate planning is for the deceased to have a valid will.
What is a Will?
Simply put, a will is a legal document that lays out how someone wishes to distribute their assets and, if applicable, how their minor dependents will be taken care of in the unfortunate event that they pass away.
In the unfortunate event that a person passes away, their will would allow for the proper and timely handling of the deceased assets without going through the lengthy court process called probate.
A will may also direct the court on custody matters involving minor dependents of the deceased.
Why Do You Need a Will?
Needless to say, a will is a crucial piece of a person's estate planning and is vital in the proper transition of affairs at the time of passing. A valid will would direct the courts, executors, and loved ones on how to handle the vital aspects of the deceased's affairs according to their wishes.
Ultimately, a valid will would allow the deceased to decide how their assets will be distributed and how the minor dependents will be taken care of. Without a valid will, all decision-making pertaining to the deceased's assets and minor dependents would be left to the courts, which could take a long time to process or could eventually lead to a ruling that might be against the interest of the deceased. By having a valid will, the courts would impose the language directed.
What Are the Benefits of Having a Will?
There are numerous benefits of having a valid will which includes:
You can pick the executor of your estate. An executor is someone you trust to wind up your affairs, including, but not limited to, ensuring the appropriate entities and individuals are notified of your death, including paying off your bills and canceling your credit cards.
You can be assured that your directives regarding your assets and your minor dependents are promptly respected and put into effect.
Your loved ones would be able to avoid probate. As mentioned above, the assets of people who died without a will would have to go to probate court. This court would then have to decide how to divide the estate based on their information. This process is typically lengthy and arduous. However, your loved ones can avoid this unnecessary step if you have a valid will at your death.
As much as you decide on who to leave your assets to, a valid will allows you to disinherit people who would otherwise stand to inherit if they went through the probate process.
These benefits can easily be obtained by simply having a valid will. It is also important to note that although seeking the assistance of a trust and estates attorney may be valuable in creating a will, it is not necessary to hire one to create a valid will.
Check with your state law's requirements to know what must be included in the document and how to execute a valid will.
