The last testament or a will is a form of a legal document that will decide what will happen to the estate after you are no longer alive. It is said that a majority of individuals do not understand the importance of preparing a will. Having a will is a significant thing not only for you but also for your family. It will legally protect your children, spouse, and assets. Having a will would eliminate confusion about which family member would get how much of the asset. This article will explain the reasons to prepare a will by speaking with a living will lawyer.
1. How Your Estate Will Be Distributed?
A will lets everyone determine how you would like to handle the estate upon your death. Suppose you die without a will that no one will understand how the asset has to be divided. In this situation, there won’t be any guarantee that your desires will be fulfilled. Preparing a will on time will help reduce family fights concerning the estate that can happen at any time. It also will state who will get what and when.
2. Decide Who Will Take Care Of Your Family
A testament lets you make an informed decision concerning who will take care of your children. If you do not prepare a will, the court will take it upon itself to choose a state-appointed guardian or anyone among family members. All the details regarding who will look after your family in your absence would be easy with a will. In this situation, the last will and testament attorney will make sure that no one except the specified person looks after your family.
3. Minimizing Estate Taxes
One more reason to prepare a will is to get the benefit of estate taxes which can be reduced greatly. The value of what you will give away to charity and family members will help in reducing the estate value. In that way, when it comes to paying estate taxes, you can reduce the amount. If you need further information in this regard, appointing the last will and testament lawyer will be helpful.
4. Avoid A Lengthy Probate Process
Every estate has to go through a probate process irrespective of whether it has a will or not. With a will, the probate process will speed up, and it will give direction to the court regarding how you want to distribute without a will. With that, the court can decide how to divide the estate without causing unnecessary delays.
5. Save Stress, Money, And Time For Your Loved Ones
All estates have to start with the legal process when it comes to overseeing the asset distribution. But without a will, the entire process becomes time-consuming and expensive. The court might also appoint a personal representative who will be responsible for administering your estate. Despite all these, preparing a will is much easier. With that, you can save stress, money, and time for your loved ones.
6. Stating Who Will Manage Your Assets
Deciding who will manage your assets is another reason to prepare a will. While writing a will, you are a testator and have an opportunity to nominate someone as an executor. The person will look after all affairs on your behalf. Their responsibility might include liquidating assets to closing bank accounts. That’s why you should be capable of choosing who is trustworthy and capable of carrying out all activities. If you do not prepare a testament and mention an executor, the court will make anyone.
7. Decide Who Will Get Your Asset And Who Won’t
Most of them know that a will tells who will get the property and who won’t. Here you can include the names of beneficiaries to whom you want to give specific assets. However, you can state the names of whom you do not want to give a single penny. In that way, people you do not want to get anything from your asset will never get. If you do not prepare a will, the other members might also have an opportunity to ask for their shares. With that, it will lead to more confusion and leads to wastage of time.
8. Provide A Space For Pets
Having a proper place for your pets after you are no longer there to take care of them is essential. With that, no one would have the right to throw them from your property. As a result, they will have a safe place to live in.
In The End
Well, if you need to prepare a will, start looking for a will trust lawyer. An experienced and qualified professional knows how to prepare a testament. It will specify all the details of who should get the assets and who should not. It also eliminates all the unnecessary confusion and saves a lot of time.