5 Advantages of Having a Will
Have you given some thought to creating a will? We know the process can seem daunting, but there are numerous advantages to having one. We’ve written this article to help walk you through the benefits of having one.
What is a Will?
A will or testament is a legally-binding document that allows you choose how you would like your estate to be handled upon your death.
General Benefits of a Will
The advantages are many, but chief amongst them is the ability to choose who you would like to benefit from your estate. Without a will, strict legislation and the courts will decide who inherits your assets.
Moreover, among the best advantages of a will is that it allows you to nominate an executor or trustee of your choice. They will be in charge of organizing your estate and following the instructions you leave behind. You can also protect the interests of any minor beneficiaries and nominate guardians for them.
1. Property Will
Simply put, a will lets you select who receives what from your estate. You can designate who amongst your heirs inherits property and any other of your other assets.
If you die without leaving a will behind, your estate becomes subject to the laws of intestacy. Here, those who you would like to benefit may end up receiving nothing. To make it worse, estranged relatives or other undesirable people can lay a claim to your assets.
2. Power of Attorney
A testament allows you to choose an executor and grant him power of attorney over your affairs. This allows you to select those you know will be suitable and who are likely to best represent your wishes. The executor has the ability to handle everything involved with the closing of your estate. You can also ask an attorney to assist you in that matter. If you don’t name an executor, then the court will appoint someone to administer your estate.
3. Protect Minor Children
Actually, no one knows what’s round the corner. If you die without a will, it’s the law that decides who gets what. Hence, it would be better if you made the will in advance by your terms.
4. Avoid Lengthy Probate Process.
Every estate must go through a probate process. However, having a good lawyer and a will can help to speed up the process. It informs the courts on how you’d like your estate to be divided. Without one, otherwise known as dying intestate, the court must divide your estate without any input – a process that can be long and anxiety ridden for your potential heirs.
5. Minimize Estate Taxes
When the time comes to divide your estate, a will can allow family members and charities the opportunity to minimize the taxes they have to pay. For example, gifts up to a certain amount are exempt from paying estate taxes. To tackle this issue in advance, you should have a good estate planning lawyer.
A will provides you with peace of mind and the assurance that your estate will be properly taken care of.
If you have any questions or doubts, please don’t hesitate to reach out to us.