If you have assets that would need to be distributed after you have passed away, having a will is in your best interests. Having a will can protect your property in the event of your death. Though no one document can ensure that every one of your wishes is carried out exactly, a will helps ensure your assets are divided according to the latest version explains a wills lawyer from a law firm like Kaplan Law Practice, LLC. Additionally, this document can describe your desires for who will care for any minor children if you pass away.
What Is a Will?
A will is a legal document that details how to distribute your assets and your desires for the care of your children in the event that you die. You can prepare your own will, but these documents are most effective when witnessed. To ensure your will results in the outcome you wish for, hiring an estate planning lawyer to prepare it is a wise decision.
Why Should You Have a Will?
Here are several key reasons why everyone with children or assets should make a will:
- They make it easier for your loved ones to ascertain your property after your death.
- They ensure you can decide who cares for your children if you pass away. In the absence of a will, the courts will get involved and decide, which could result in a very different upbringing for your children than you anticipated.
- They help you ensure your loved ones receive the assets you want them to receive. They also keep your assets out of the hands of people you did not intend to inherit from your estate.
- They can plan for the estate taxes your heirs will pay after you pass away.
What Is Covered in a Will?
Wills describe how you would like your assets, including bank account balances, family heirlooms and property, to be distributed upon your death. Who inherits your investments and businesses is also detailed in a will. If you would like some of your assets to go to a charity, that is outlined as well.
If you have assets and children you would like protected in the event of your death, preparing a will is essential. Imagine your life savings or worse, your children, getting into the hands of someone whose life philosophy you disagree with. Preparing a will won’t take too much of your time. Reach out to a wills lawyer to learn how to create a legally binding document to rest assured that your children are cared for and your assets are distributed according to your wishes.