Most people dining at a restaurant enjoy ordering from their own menus. And few folks would send a stranger to choose and buy their next house. Therefore, it makes sense that people would also have strong opinions about how they want their money and property to be dispensed after they die. Even more importantly, a will gives a person legal authority to choose where their children would go to live, should the unthinkable happen. We will share with you four important benefits of creating a will.
1. A will protects your hard-earned assets.
Taking time to meet with a lawyer and putting your final wishes on paper is very important if you want a say in where your assets go after you die. If you do not make a will, the government will take care of your finances. According to www.lawyers.com, your state will distribute the property according to its laws of “intestate succession.” Some state laws will hand all assets to the closest relatives, but it could take months to receive much-needed resources. You can learn about your state laws regarding intestate succession here.
According to Protective, An ‘oral will’ (final requests spoken aloud in front of witnesses) and a ‘holographic will’ (a document drawn up by you without the presence of witnesses) may not have much legal bearing in court.” So, make sure your will is legally recognized in your state. It is worth your time to secure a legal will.
2. A will allows you to officially designate an executor and guardian.
When you write a will, you have the opportunity to state whom you want to oversee your estate distribution when you die. Think of what it would mean to you and your loved ones if you take time now to choose a trustworthy executor who will honorably wrap up the affairs of your estate when you are gone.
In addition, most people have strong feelings about how their children will be raised. A will allows for the declaration of guardianship for your children, ensuring that they will be provided for, cared for, and raised according to your values. Creating a will is the responsible thing to do because you can designate an estate executor and the best possible guardian for your children.
3. A will gives you peace of mind.
None of us knows how much time we have left. And, whether your time is short or long, you will be able to have peace of mind once your will is in place. You can rest without a shadow of a doubt when your will is in place, knowing that your loved ones will acquire your finances, investments, properties, and belongings. A will also allows you to clearly state who will not receive any of your estate. If you have an irresponsible child, you can state in the will that none of your hard-earned assets will go to them. And, if you do not have children, you can choose to give your assets to a much-loved charity. For example, attorney Mitchell Miller said, “Inheritance by intestacy, [which is when you die] without a will, goes by the degree of relationship, not by what you want. For example, a person with no immediate family might want to give her money to charity; instead, it may go to a grandnephew she's never heard of, let alone met."
4. A will provides for your children and grandchildren.
What a blessing it is to have enough resources left over to assist your children! You have the power to provide the means to help them pursue their dreams and achieve their goals. Moreover, when you create your will, you are giving them the financial means to take care of your final wishes in a way that will honor your life while covering funeral costs. While you’re at it, consider paying for your funeral costs and buying a headstone. Then, when your time comes and your family is grieving, they can grieve and remember without the added stress of financial strains.
Finally, your foresight can provide peaceful family relationships. Your children can rest in the fact that you provided a clear designation of your assets, and they won’t need to wrestle over the details.
If you would like help in creating a will, we recommend that you check out Legal Zoom. Another good resource is Freewill. Once you meet with your lawyer you will breathe easier knowing that your lifetime investments will go to a good cause. What a gift you can give your loved ones and causes close to your heart by taking a few minutes to create a will.
We would like to invite you to check out other helpful blogs on our website. And always feel free to call us at 1-508-673-0781 if you have any questions. We are here for you at Hathaway.