By Mashum Mollah
A will is a legal document that outlines how the assets of a deceased person are split up among their heirs. It also names guardians for any minor children. Many people make the mistake of putting off drawing up a will. Although most people do not like to think about their demise, being proactive will help to ensure their final wishes receive attention.
What Is a Will?
A will often be referred to as a last will and testament, is the legal document people write before they die. This document outlines specifically what the deceased wants to do with all their assets so the property can be split up accordingly. Visiting ProtectYourAssetsGA.com allows individuals to learn more about the process.
A will name an executor that will oversee handling all the assets of the deceased and ensuring all debts are paid before the assets are distributed to heirs. They will also determine how debts and taxes will be paid and provides for minor children and any pets.
4 Reasons a Will Is So Important
Many people do not realize the sheer importance of drawing up a will. There are a few reasons having a will is so critical for people of all ages. Understanding these reasons should compel individuals to make sure they are proactive in protecting their assets by handling the steps involved in making a will.
- One of the most important reasons for creating a will is avoiding having the state distribute the deceased’s assets. If a person dies and there is no will in place, the state will distribute the assets, normally choosing the spouse or children as the heirs. When a will is not available, the hassles of settling the estate leads to stress for the family.
- Those with children need to understand the great importance of naming a guardian to provide them with care until they become adults. Minor children sometimes enter guardianship by the state and this could be a decision the deceased parent would not choose. Having a will ensures the parent’s final wishes for the care of their child become known.
- Although all estates must go through the probate process, with or without a will, having a will certainly make the probate process more streamlined and less stressful. With a will in place, grieving family members will not go through a long process.
- With a will in place, estate taxes greatly reduce. The assets received by family and friends reduces the value of the estate so the tax implications diminish. Creating a will is a sound method of protecting as much of the assets as possible.
Read more: Roth 401(k) vs Roth IRA: The Complete Guide
Wills Can Be Changed
There are many other reasons a will is so important. Those who draw up a will should revisit their legal documents from time to time, as life changes occur. The addition of children or assets should bring about changes to the will so it is kept up to date.
Conclusion
Putting off making a will is not a good idea. Those who have children, spouses, or assets need to make a will to ensure their final wishes are carried out. A will in place ensures the assets will be handled appropriately by the executor of the estate.
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