Having a will is one of the most important things you can do to protect your family and loved ones in the tragic event of your death. Not only can a will legally protect your spouse, children, and assets, it can also arrange exactly how you would like things handled after your passing. Find out the top reasons you should have a will:
1) It specifies how your assets will be distributed. This document provides important info regarding how your estate and assets will be passed and handled by the inheritors. If you die without a will, nobody will guarantee the distribution of your valuables, as you intended. Furthermore, this document will eliminate family fights over inheritance, and also determines the “who, what, and when” of your estate.
2) A will can shorten or even eliminate the duration of a probate process. All estates must be analyzed and distributed after a probate process, with or without a will. Having a written and legalized document will speed up the process and will spread the estate as you wanted. In absence of any document, the probate court will be the one deciding the spread, after analyzing numerous factors.
3) It will protect your business. If you own a business, it is important to have a will in which you will specify who inherits the company. For many companies, this has become a tradition.
4) It specifies who takes care of minor children. Having a will allows you to choose who will take care of your children, in the eventuality of your death. Without a will, the court will decide which family members will take care or will appoint a guardian. You should have a will, in order to appoint the person you want as a tutor and avoid someone you don’t like to be the protector of your minor children.
5) You can appoint someone to handle your estate and affairs. You can designate a person to handle your estate, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments.
6) You can disinherit people. You can also choose to have persons disinherited, meaning that they will not have any share of your estate or valuables. Will specify who inherits your belongings and how much, but you can also specify who inherits nothing. It is a good way to make sure that your estate does not get in the wrong hands or in the hands of someone you don’t like.