The Importance of a Will
Retirement Planning March 26, 2018

The Importance of a Will

One of the most important things for not only you but also your family is having a will. It helps to protect your family and assets. thereby ensuring that your heritage is handled right, as per your wish. There are various reasons why having a will is important, some of them are listed below:

Your estate, your way of distribution
A will is a legally binding document. It helps to determine how your estate should be allotted and passed on after your demise. Whatever you intended to do with your estate may or may not be carried out if you pass away without a will. Also, a will helps to determine who is entitled a part in your estate. This helps to minimize any family disputes about your estate that may arise in the absence of a will.

You can decide the caretaker of your minor child
A will is not only about your estate but also about what should be done by your family in case of your sudden death. It helps you to make an informed decision regarding who will take care of your minor child. If there is no will specifying who will take care of your minor child, the court will choose the guardian among the family members or a state-appointed guardian. Having a will ensures that you choose the guardian of your child in case of your absence.

Avoid a lengthy probate process
With or without a will, all estates have to go through a probate process. However, in the presence of a will, the probate process just speeds up and it becomes easier for the court to know how you wanted your estate to be divided. The administration of your estate is done by probate courts and if you die without a will, the court will decide how to divide your estate without your consent. This may lead to family conflicts and unnecessary delays.

Helps in reducing estate taxes
Having a will allows you to minimize estate taxes, which gives you another reason why having a will is so important. This is because the part of estate you give away to your family members or charity will reduce the overall value of your estate when you have to pay an estate tax.

Disinherit the individuals that might try to inherit your estate
After you pass away, some individuals may try to inherit your estate. However, if you don’t want to give your estate to these people, you have an option to disinherit them by having a will that specifies what goes to whom and who gets nothing from your estate.

Change the will as per your changing life circumstances
The best part about your will is that you can change it anytime as long as you are alive. These are various circumstances that you may come across in life like births, deaths, divorce, and marriage. These situations might make you feel like incorporating some changes to your will as well. Hence, you can alter your will as per your changing circumstances throughout your life.