Establishing a will before your passing is crucial for distributing your assets, and also the management of your children if needed, in the most secure way possible. You need this statutory statement to also save time, money, and stress for your descendants. While having a will in place is imperative, it can also be overwhelming to start one and work your way through this process on your own. Many people may not know where to begin with drafting such an important document, and therefore it is easy to put this off until a later time in your life. However it’s significant to acknowledge that it’s never too early to have a will in place, and a will lawyer can relieve you of the time and stress it can take to create one, especially if you have complicated assets like a business or commercial real estate. There are so many variables to consider with your will and a lawyer from a law firm such as W.B. Moore Law can guide you through the many steps. Below are some common benefits listed of having a will place for yourself, family, and loved ones.
You Want Complete Control Of How Your Assets Are Distributed
One of the best powers of a will is that you decide what and how your specific assets are handled. You can ensure your property goes to a specific family member, or members, and even intentionally designate any special belongings to an heir. Most people deeply care about any personal treasures being passed down to a certain descendant. What people may also not realize is that a will can ensure certain family members do not receive any assets. For example, if you have an ex-spouse that you do not want to receive any inheritance, a will can secure this matter. Not having a will after you pass prevents this amount of control of how your assets are exactly handled.
You Want To Determine Who Handles Your Estate
Handling the estate after one’s passing is a major responsibility, and this shouldn’t be delegated to just anyone. In your will, you are able to establish who your executor will be, which ultimately is one of the most important decisions made in your will. The executor should be someone who you deeply trust and has good intelligence of how to handle your estate professionally. They are in charge of wrapping up all of your remaining affairs – such as closing bank accounts and liquidating assets.
You Want To Leave A Legacy
If you know you are leaving a certain amount of wealth behind that can be impactful beyond just your heirs, you can delegate this money to go towards a cause that you are passionate about. It is common that even after people pass that they can help others in society and the world around them. To secure that some of your wealth and leave a positive impact, you can write in your will for some of your assets to go towards your desired charitable organizations.
You Want To Have An Ease Of Mind About Your Assets
Some people can make the mistake of putting off writing a will, because they just assume their close family and heirs will receive an inheritance, even with no legal documentation in place. But this is not the case. Probate can be a long, arduous process for your family members to deal with, and may hurt them in the long run. Creating a will, and keeping it updated, is the smartest way to safely establish a steady way for your family to receive their assets.