Why Having a Will is Important
Having a Will is a great idea for everyone. A Will can do more than decide who gets your children if you pass whilst they are still minors. It can also distribute your property, name an executor, and forgive debts, along with other things. Here are some of the things that a Will can do for you.
1. Name a Will Executor/Administrator
You need someone to help finalise details after you pass. When you write your Will, you name your executor. If you pass away without a Will, the court will pick your administrator during the probate process. This can delay the probate process further and stop your family from receiving their benefits as soon as they might.
2. Who Gets What?
This is one of the most common reasons to create a Will; you select what your beneficiaries will receive from your estate. Anything can be given to someone after you pass away. For example, if you are a classic car collector, this is the opportunity to decide where those cars end up.
Without a Will, the probate court will decide what every person gets. The court will follow the state laws during the probate process to determine how your estate will be distributed. They will give most items to your closest relatives. If you have a specific plan in mind, a Will allows for that plan to happen.
3. Guardian of Your Children
If you have minor children, having a Will is even more important. This is the only place to name who will legally be the guardian of your children. If you don’t want a Will for any of the other reasons, do it for this reason. In the event of both parents dying without a Will, the court will decide who the best person to raise your children is.
4. Avoid a Lengthy Probate Process
All estates must go through the same probate process. Having a Will speeds up the process and lets the court know how you want your estate divided. The court will decide how to divide and settle all debts if a Will is not available. This also stops your children from having to decide and prevents sibling fights.
5. Make Gifts and Donations
If you have a specific charity or place you want to make a donation to, you can decide in your Will. This is the perfect way to ensure your legacy is passed on. For example, animal lovers can leave a hefty gift to their local humane society, or you can make a donation to your university.
6. Backup for Living Trust and Other Plans
Just because you have a living trust doesn’t mean you don’t need a Will. A Will is a backup that will act as a catch-all in the event of your death. If you forgot to put into the trust any property you bought later in life, this will ensure it is given to the right person.
Unless you agree with how the state will divide your property, a Will ensures that the probate process moves the way you desire.
If you require any further information contact The Will Associates by calling us on 0800 9500 700 to arrange a free, no obligation consultation at a time convenient to you and your loved ones, in the comfort of your own home.