Wills are a crucial element of estate planning. It helps you specify who you want to appoint as the heir of your property after your death. Even if you use other elements of estate planning, it is recommended to create a will. You can scroll down to find out the importance of creating a will.

1. Prevents Intestate Succession

Sometimes the state laws decide which family member will inherit the property. It happens when a deceased person does not have a will or other estate plan in place.

In some intestate successions, the spouse, children, or the deceased person gets prioritized. But most of the time, people want to distribute their assets differently.

They might be willing to give it to a distant relative or a close friend. Therefore, you should consult a will planning lawyer and get it done.

2. Does More Than Property Distribution

You might think that a ‘will’ only help in distributing your property. But it can fulfill various other responsibilities. A will can specify an executor to wrap up your estate. Furthermore, you can write down your funeral wishes in a will.

  • However, if you are listing your funeral wishes in your will, you should let someone know. Sometimes a will isn’t found until the funeral is over. Therefore, letting a person know about your funeral wishes will ensure that they are followed.
  • A will is the only estate planning component that will allow you to do so many things. You can use all forms of estate planning elements to distribute your property.
  • But a will offers unique benefits that no other component of estate planning can provide.

3. Eliminates Family Conflicts

The division of assets after the death of an individual can give rise to strifes within the family. It can create huge differences in opinion leading to resentments among family members.

  • But a will is a legal document specifying the wishes of the deceased person. Therefore, following a will helps in avoiding conflicts. Suppose you were in a second marriage. You might want to use a will to distribute the property between your children from both marriages.
  • A will and trust attorney will ensure that you create a document that prevents your family members from fighting over your assets.

4. Choose Who Will Take Care Of Your Children

If you have children under the age of 18, you should consider making a will. It can help you in selecting a legal guardian for your minors. The legal guardian will take care of your children in your and your spouse’s absence.

●      Since the children will not be able to manage their finances, the legal guardian can take care of the finances. The children will begin handling their financial affairs once they become 18 or graduate.

●      If you do not select a guardian for your minor, the court will decide it.

●      Sometimes the court can end up selecting someone whom you would not have trusted with raising your children. It is also possible that the court will send your children to Child Care Services.

5. A Home For Your Pets

People who own a pet need to consider making a will. It will ensure that your pets will be taken care of even after your death. It is not legally possible to leave assets for your pets.

●      However, you can mention beneficiaries for your pet. You should give the responsibility to a trustworthy friend or family member.

●      The beneficiary will become the caretaker or guardian of your pet. You can even leave funds for the person who will take care of your pet.

●      The funds will be used to pay for your pet’s care. But you should verify your state law first before making a trust for your pet.

6. Leave Instructions For Digital Assets

You can include instructions for digital assets in a will. You can name a person who will be handling all your digital assets.

However, you should be careful about leaving your login and password details for a specific account. Since a will becomes public property after your death, it can be risky.

7. Support A Philanthropic Cause

Sometimes people want to donate their savings for a philanthropic cause. You can mention such intentions in your will.

It is an excellent way of making a difference in the world even after your death. You will be able to preserve your legacy by leaving a part of your assets for a charitable cause.

The Bottom Line

A will should be created for the reasons discussed in this article. But you need to adhere to specific legal requirements while creating a will.

Wills are usually formal documents in typing. It needs to be signed by the maker of the will and two witnesses who will not gain anything from the will.