“Tomorrow isn’t promised,” people exclaim frequently. However, we shouldn’t forget that today there’s one way to ascertain your future and determine what happens to your belongings after death. Creating a will protects your family’s interests. It enables people to give clear-cut instructions on how they prefer their assets to be distributed. Unfortunately, only 33% of Americans have estate planning documents in the 21st century. We suggest more homeowners establish this paperwork and create a will or trust to save their family from financial challenges in the future. How does a will help you and your family? We’ll discuss some benefits of establishing a precise testament before your death. Here are those benefits:
Ten reasons behind creating a will
Determine your successor:
Writing a will lets you determine who shall inherit your property after you pass away. You can name someone as the executor, and this person will oversee the implementation of your testament. If you die intestate, your assets will be distributed by a court among your immediate family members. So, you should specify to whom you wish to leave your assets while appointing a trusted person as your will’s executor. Dying intestate lets a court pick someone to execute your will after your death.
Disinherit certain people:
Similarly, you can remove certain people who would otherwise inherit your property from your will. Don’t forget that when a person dies intestate, the court creates a hierarchy of inheritance among all surviving family members. It means that someone you don’t trust with your money can receive their share of your assets. Creating a will prevents these ostracized individuals from becoming heirs to the estate. Also, you can update your will after reconciling with these folks and add them to the will.
Save your time:
Consider establishing both will and trust before your demise to streamline the probate process. You shouldn’t forget that dying intestate will lead to your family going through probate, thereby delaying the distribution of your assets among them. But having a will or trust will make this process easy for the court and your family. You can now establish a will online or create a will and trust that doesn’t even have to go through probate. Also, the contents of the trust are confidential, thereby ensuring privacy.
Avoid legal claims:
Dying intestate means leaving every possibility for disputes to happen after your departure. You can now avoid these disputes by establishing proper estate planning documents. A well-drafted will may eliminate these problems forever and clarify your wishes about how your assets must be divided. Individuals should create a legally binding document that can’t be contested after their demise. Thanks to creating a will, your wishes about what should happen to your property will be respected.
Secure your accounts:
What will happen to your digital assets after your death? These assets include your emails, accounts on social media websites, and the data (doc, pics, or videos) stored online. You can leave some specific instructions behind about any website you manage. Nominate someone as a digital executor. This person shall manage your social media presence as per your wishes after your death. Some people prefer to have their accounts closed after their demise. Secure your accounts beforehand.
Give funeral instructions:
How do you wish to be treated after death? A will lets you clarify your funeral instructions to family members. We learn that just 21% of Americans have discussed their funeral wishes with loved ones. Don’t forget to determine whether you wish to be buried or cremated. Moreover, you can also leave unambiguous instructions about other matters concerning your last rites. Offer some suggestions regarding the service, the location, the flower arrangement, and several other details.
Secure your children:
How do you take care of your underage children when you pass away? You can nominate a person as their guardian – especially if you won’t trust the other parent to take custody of minors. Therefore, a guardian will cater to your underage children’s needs, such as clothing and other essential matters. In the absence of a will, a court may appoint someone you don’t approve of to raise children. Now, protect your children by naming someone trustworthy as your kids’ legal guardian.
Secure your pets:
Statistics have indicated that almost 90 million American households have pets right now. You must leave some clear-cut instructions behind about these animals. Remember that your pets are technically your property, allowing you to name someone as a beneficiary on their behalf. We suggest folks leave their pets in a trusted person’s caregiving. Make someone a guardian over your pets, whereas you may also provide some funds for your pet’s well-being. That’s how your pets can stay secure!
Reduce estate taxes:
Creating your estate planning documents will help you consider several methods of reducing estate and inheritance taxes. Explore how you can lower these taxes so your inheritors won’t have to pay a lot to receive the money they deserve. Contact a well-experienced attorney and discuss these taxes with them today. Dying intestate means your family members will have to suffer from heavy taxation. That’s why you should be considerate about taxation-related problems now.
Make some donations:
Do you wish to donate to your favorite charity? Creating a will allows you to make some donations to a cause you support after your demise. Moreover, these donations can diminish your estate taxes but only up to a certain amount! So, check for the most up-to-date taxation exclusions for these donations. Find some charities you care about and keep your legacy alive even after your death. You can leave a legacy to impact the world by donating to charitable organizations positively.
How many people in this country have a will? Statistics indicate that 68% of Americans don’t have a will today. We suggest that homeowners protect their belongings and determine who shall or shall not inherit their assets after the death. The probate process becomes much easier for the family when there’s a will present. Also, you can leave your pets, children, and other dependent people in a trustworthy person’s caregiving. Secure your digital accounts, pre-arrange your funeral, and donate to your favorite charity. Moreover, creating a will can reduce estate taxes and fewer legal claims/disputes. That’s why more folks should consider creating a will – or better – establishing trust.