A will is a legal document that outlines your preferences for property distribution and the care of any minor children. Those wishes may not be carried out if you die without a will. Furthermore, your heirs may end up spending more time, money, and emotional energy after you pass away to settle your affairs. You can write a legitimate will on your own, but you should get it witnessed to reduce the chances of later legal disputes. You can know more about wills and estate planning services at Watkins Tapsell. Let us read in detail:
Why do you need a will:
Some people believe that wills are only necessary for the highly rich or those with complicated holdings. There are, nonetheless, numerous compelling reasons to have a will:
- You have complete control over who receives your assets. You have complete control over who gets what and how much.
- You can keep your assets out of the hands of persons you don’t want them to come into contact with (like an estranged relative).
- You can decide who will look after your children. The courts will decide if there is no will.
- Your heirs will be able to access your assets more quickly and easily.
- You can prepare to save money on taxes for your estate. You can also make gifts and charity donations to reduce your estate tax liability.
Will that best define your priorities:
Create a testamentary will to increase the chances of your wishes being carried out. The most common sort of will is one in which you prepare the document and sign it in the presence of witnesses. It’s arguably the finest way to protect yourself from successful challenges to your wishes by family members or business associates after you pass away. You can write one yourself, but having it produced by a trusts and estates attorney ensures that it is drafted properly, correctly, and in accordance with the rules of your state.
What does a will entitle:
A will allows you to specify how your assets, such as bank accounts, real estate, and valuable goods, should be divided. If you own a business or have investments, you can specify who will receive them and when in your will.
A will also allow you to direct assets to a charity (or charities) of your choice. A will can also ensure that your wishes are followed out if you wish to leave assets to an institution or an organization.
While will usually protect the majority of your assets, they don’t cover everything.
What if you don’t have a will:
If you die intestate—that is, without a will—the state is in charge of distributing your assets, which it usually does according to a predetermined formula. This frequently results in your spouse receiving half of your estate and your children receiving the other half. In certain cases, such a scenario leads to the sale of the family house or other assets, which can be bad for a surviving spouse who relied on the majority of your assets to maintain their quality of life.