Whether you’re young or old, having a will is one of the most important things you can do to protect your estate and your loved ones. A will is a legal document that dictates how your assets will be distributed after you pass away. If you don’t have a will, the laws of intestacy will come into play and distribute your assets in a way that may not be in your loved one’s best interest. A will lets you decide who gets what, when they get it, and how they get it. Wills are an essential estate planning tool and should be created sooner rather than later. Here are some reasons why wills are so important in the US.
Protect Your Loved Ones From Probate
When you pass away and have no will, your state will determine who gets your assets. Your assets may be subject to probate, a court-supervised process that ensures that all of your debts are paid before your beneficiaries receive them. Having your will written correctly may help your loved ones avoid probate by clearly stating who gets what and how much they get. A lawyer can tell you what the laws are in your state.
Who Should Have A Will – All Ages!
A will is one of the most essential estate planning tools you can have at any age. You should have a will if you have children, own property, or have a large amount of money. If you don’t have a will, your state will decide what happens to your assets.
Finding a Lawyer
Finding a lawyer to write your will is a good idea. If you don’t know where to start, try asking your friends and family for recommendations. You can also look online for reviews and recommendations. Ideally, you should find a lawyer who specializes in wills and estates. You can start with a general practice lawyer, but they will likely have more clients than they can handle and may not be able to give your will the attention it deserves.
Ensure That Your Desired Beneficiaries Receive What You Want Them to Have
If you die without a will, the state will decide who gets what. If you die without a will, your assets may go to people you didn’t want to receive them. For example, if you leave a significant amount of money to a child who is young or has special needs, the state may end up taking their portion of the estate, which leaves your other loved ones without the money they would have received if you had a will.
With a will, you can make sure that your assets go to the people you want to receive them. For example, if you have a child who has special needs, you can have their inheritance put in a special fund that is controlled by someone you trust.
Avoid Taxes
If you die without a will, the state will decide who gets your assets and how they are distributed. This means that they may choose to distribute your assets in a way that is advantageous to the state, not to your loved ones. If you include specific instructions in your will, you can ensure that your assets are distributed in a way that is most beneficial to your loved ones.
Disadvantages of Wills in the US
The main disadvantage of having a will is that it can be easy to forget about it if you have life changes. If you have an important change, you may want to reassess who you’d like to receive your assets, and you should get legal advice to change it properly.
Protect Your Loved Ones
Having a will is one of the most important things you can do to protect your estate and your loved ones. Find a lawyer who specializes in this field, keep it up to date and you can rest assured that you have done everything to protect your loved ones.