The subject of writing a will is not very popular because it reminds us of one’s mortality, however it is of the utmost importance to do so. A will ensures the legal protection and distribution of assets to family, friends or any other entity. It also spells out exactly how things should be handled after you have passed on according to your own desires.
Here are 5 reasons why you need to establish a will if you have not done so.
- A will allows you to decide how to allocate your own assets
A will represents a legally-binding document allowing you to decide how to distribute your hard-earned assets after your passing. You may want to make these important decisions when you are alive, as it minimizes confusion or the risk of your family fighting over your assets.
2. A will allows you to make gifts and donations
The personal concierge can help the older citizens in your life by running their errands either with them or for them. Aging parents start experiencing physical and mental challenges, so they may need someone to drive them to the grocery store or even to the park for a walk to enjoy the fresh air. A concierge could also drive them to social events such as family reunions, thanksgiving gatherings or even at church to ensure their safety and comfort.
3. You decide who will take care of your minor children
If you are the parent or guardian of young children, you may want to designate the people who would take over the parenting role in the event of your passing. In the absence of a will, the court takes it upon itself to pick someone among the family members, or it could even be a state-appointed guardian. This is the reason why it is highly recommended to parents to ensure that their minor children stay with people they have chosen themselves
4. You can minimize your estate taxes
Writing a will prevents you from paying too much taxes on your estate. The overall value of your estate will be taxed at a lower rate because your estate value will diminish after you share it with your family and loved ones.
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5. You avoid a lengthy probate process
All estates go through probate court, however if one dies without a will (known as dying “intestate”), it gives the right to the court to decide how to divide it without your input, and it can be a lengthy process.
However, the probate process is very smooth and faster in the existence of a will. However, the probate process is very smooth and faster in the existence of a will.
Establishing a will has so many advantages, and it is better to get to it now rather than later. It not only protects your assets but also your loved ones. Make it part of your legacy to set up a written will, preferably with an attorney, it would bring you peace of mind.
For any questions you may have, feel free to call Wendy’s Signature Service to receive the knowledgeable service to accompany you through the notarization process of writing a will.