Everything you have to know about a will
Most people think that writing a will is an unpleasant experience, so they don’t have any plans for their loved ones and families once they are gone. The truth is that a will is considered to be one of the most important documents you need to consider at any stage or age of your life.
This is the best way you can ensure that your wishes are executed and that your loved ones are properly protected and taken care of when you pass away. It’s a means you can prevent heartache and problems for those left behind. This article discusses everything you have to know about a will.
A will explained
A will is simply a legal document that outlines your wishes when it comes to the distribution of your estate and the care of your minor children. In other words, a will provides instruction on how you desire your property to be distributed to your friends, family, and others like charities. Also, a will can allow you to indicate additional wishes like the person who may take care of your minor children, who will look after your pets, and the kind of funeral you want.
Your will can do the basic function of sharing your properties after your death, but its crucial role is to offer protection. The best way you can make sure that your property and issues are handled the way you desire is to have a legally binding will. It gives you the opportunity to give the individuals who matter to you your estate and to appoint an executor that you trust and know to administer the will.
Remember that all adults regardless of whether they are single, married, in a de-facto, or divorced must have a will in place. You also need to update your will regularly, such as when your relationship changes because divorce and marriage can affect your will. If you want to have a will, you should visit https://easlerlaw.com/wills-and-trusts.
Besides, a will is regarded as an individual document, so it’s a good idea that you and your partner should have separate wills instead of writing a joint will. It’s also important to have a valid and clear will in place once you have substantial assets, certain wishes on the way you want your estate to be distributed, or even if you have kids. Having children means that you should consider the person you want to look after them if you are gone, and how you intend to provide for their future.
The good news is that technological advances have made it easier for estate planning, so everyone can access it. As a result, there are many straightforward and affordable will-making resources you can choose from. You just need to have a computer and a printer to create a will. It’s always a good idea to have a simple will even if you just have a couple of assets.
It’s important to have a will in place because dying without one can have bad consequences. Dying without a will, also called interstate can mean that the law in your territory or state may determine how to distribute your property, the person to take care of your minor kids, and the individual to look after your property.
When you don’t have a will, a court can consider the laws of your state to share your assets. In such cases, there is a chance that one of your loved ones can come and apply to the court to share your assets depending on the list of individuals the law regards to be beneficiaries. Besides the fact that this can cause confusion in your family, especially when it comes to the person who should apply to the court, the outcome can be that your assets, property, and money may be shared in the way you didn’t want.
Also, the application that has to be made tends to be complicated and time consuming compared to the traditional application for probate. Take note that the traditional application for probate can be made once there is a will. Therefore, your family members have to apply for something known as Letters of Administration, which is a more expensive process.
As you can see, the best way you can ensure that these crucial decisions are made by you is to have the right will prepared ahead of time. This can save your loved ones and beneficiaries a lot of financial expenses and stress over time.
Worse still, in cases where both parents pass away without a will, it can be open to any person to apply to the court of law for guardianship of surviving kids. The only good thing is that the court can act in the best interest of the children when it decides to appoint a guardian. But it can sometimes not be the same option you would have made if you had a will. You cannot leave such big decisions to chance, so you need to have a written will to make sure that you are sure who would take care after your minor children when you are gone.
You should remember that a will can help you to leave a meaningful gift to those you care about as well as charitable gifts to some causes you value. A will can also assist you to offer specific instructions about the way you want to be remembered. For example, there is a chance that you desire your family members to remember you by having a family road trip to any of your favorite holiday destinations. In such cases, you can ensure that your will is clear and set aside a certain amount of cash for these wishes. You can miss a chance to create a legacy if you don’t have a written will.
In conclusion, a will is a map that describes where your property should go. It can also provide a good way to prevent problems and potential taxes for your beneficiaries. Choosing the proper will for you and your loved ones may prevent you getting into probate court and is a smooth way for your dependent kids. Regardless whether you choose to consult a lawyer or DIY your will, it makes sense to have a written will.