You spend your entire life creating a family, a home, a career, and accomplishments that you can be proud of. You build these things and take care of them so that you and your family can live a nice, carefree life. Unfortunately, the hard truth is that someday, no matter who you are, your life will come to an end. When that happens, you want to be prepared with a plan that will make sure that none of your hard work and accomplishments go to waste and that all of your wishes will be fulfilled.
A Will is a legal document that ensures that your assets are distributed according to your wishes. Therefore, a will is one of the best tools that you can have for making sure all that you have worked to achieve in this life is not lost and that your family is well taken care of and so much more.
1. A Will Appoints Child Guardianship
If you are a parent, you probably feel as though your children are undoubtedly your most important asset. In the case that you should pass-away suddenly, or that something unplanned should happen to both you and your spouse, you want to have the peace of mind of knowing who will care for them. A will can specifically name who you want to care for your children and why. If you have a will in place, your children will not have to go through the process of family members arguing over what is best for them or who has the means to care for them. A will also helps to ensure that your children are placed with a family member or friend that you love and trust instead of in the state system.
2. A Will Maximizes Your Estate
As you go through life, ideally you will grow wealth. Some people more than others, but no matter the amount your money is wealth that was hard-earned. If you have a will in place, you are able to name to who and how your wealth is divided. Having a will save your family from the costly lawyer and court fees associated with deciding how your money should be divided. Additionally, if you do not have a will and the government has to divide and distribute your assets, there are additional taxes that are required to be paid out of your money.
3. A Will Can Help You Leave a Legacy
No matter who you are or how you pass away, one thing is for certain—you do not want to be forgotten. Therefore, one of the most popular and perhaps important reasons for creating a will is to leave a legacy. Whether the legacy you leave is by gifting your child or grandchild the money to go to college or awarding your favorite charity with a large sum of money, leaving a legacy gift in a will is a great way to be remembered.
If you do not have a will, one of the first steps you need to take is organizing your thoughts regarding your financials. Think about how you would want your assets to be distributed and to who. Then, contact a local law firm to help you be sure that you have covered all of your bases and have the necessary components of a will. Once you have followed those steps, be sure to reevaluate your will on an annual basis to ensure that it is updated and accurate to your wishes.