There are many reasons to have a will but some of the most important reasons center around the loved ones you would leave behind. If you die without a will, then your assets may be distributed to relatives you are not close to, be wasted in court fees, or be given to the government.
When you create a will, then you can dictate who you would like to receive your assets (or disinherit), including family, friends, or charity, how much they will receive, and any conditions that you would like met before they receive the inheritance.
Below are some important reasons to have a will:
A will allows you to specify who will receive custody to your children; thus, avoiding nasty court battles and ensuring as loving and secure a transition after your death.
Unfortunately, probate and contested estates often result in pets going to the pound. A will can ensure that your pet goes to a loving home with an individual who is ready and willing to care for them.
A will, as well as living trusts, can enable your business to be passed onto heirs and co-owners in a clean and timely manner. Businesses that are not clearly passed on can end up in lengthy court battles that destroy the equity or the business itself.
If you do not leave a will in place, then the court will have to step in and appoint an administrator to sort through your assets and affairs. This appointee can charge up to 10% of your estate in fees and may not distribute your estate the way you would have liked.
A will allows you to specify exactly how you would like to be remembered.
- Do you want to be cremated or buried intact?
- Do you want a funeral, memorial, or ceremony at all?
- Where should the memorial take place?
Specifying the details of your funeral not only ensures that you desires are met but it also relieves a tremendous burden on those left behind.
No matter the circumstances, losing a loved one is incredibly hard. One of the most important reasons to have a will is to make a hard time easier for those left behind. A will helps your loved ones avoid the bureaucracy and hassle of dealing with attorneys, angry relatives, unorganized estates, funeral details, and indecision; instead allowing them to focus on their favorite memories of you!
If you are interested in learning more about the reasons to have a will and Estate Plan