Wills are one of those things in life that everyone knows they need, yet seem to hate or avoid making. When you make your Will, you are giving your family and loved ones a gift. Your Will ensures that your loved ones can grieve in peace rather than argue, litigate, or resent each other over the details of your estate once you’re gone. The top 7 benefits of having a Will include:
You decide who will take care of your minor children. Name the right legal guardians for your children if you and your spouse can’t be there. If you have minor children, and no Will, a judge will decide who cares for them, and the situation may not be ideal.
You control how your property and assets will be distributed. Dying without a Will means you’ll have no say over who receives your property. State laws will decide. In some states, only 1/2 of one’s assets go to the surviving spouse. Depending on your situation, the rest would go to your children, parents or close relatives. You’ve worked hard to build your estate, be sure you get to decide who it goes to…not the courts!
You assign an executor to make sure that your wishes are carried out and that your affairs are in order. An executor is the person appointed in the Will to manage the estate, deal with the probate court, pay outstanding debts, collect assets, and distribute the estate according to the provisions of the Will.It’s a vital first step to long term peace of mind. But no matter how thorough your estate plan is, choosing the right person to carry out your final wishes is essential. It can be challenging to pick an executor who can file paperwork on time and handle potentially volatile family relationships. Here are some recommendations that may help with such a weighty decision. Read more at: https://www.legalzoom.com/articles/how-to-choose-an-executor
Allows You to alleviate potential arguments and legal challenges for your loved ones. The biggest cause of family infighting after a loved one passes always seems to be from unclear Wills, or a complete lack of a Will at all.
Minimize estate taxes so more value passes on to your loved ones. Let’s face it, none of us enjoy paying taxes. So even worse, after your death, your estate may be subject to several kinds of taxes. Some states have an inheritance tax and/or an estate tax. The federal government imposes an estate tax that applies no matter where you live. The estate tax is based on the total value of the property in a deceased person’s estate. If your estate is worth less than a certain amount, no estate taxes will be due. Also, any portion of your estate that goes to your spouse, either directly or in certain types of trusts, will not be subject to estate tax. Read more at: https://smartasset.com/taxes/5-ways-the-rich-can-avoid-the-estate-tax
Because tomorrow is not promised. Selfless loving family leaders focus on more than just the health and happiness of their family today — they put plans into action that protect their family long into the future.