5 Reasons You Need a Will

5 Reasons You Need a Will

No one can tell you that you must have a will, but that does not mean a will is unnecessary. Most people feel that a will is only for the wealthy, those with many assets to disburse to loved ones, but no matter how much or how little you may have, a will is meant to make your passing easier on those you love while ensuring your wishes are heard. There are many reasons to have a will, but here are five towards the top of the list.

1. The Distribution of Your Estate

The primary concern of many people is that their estate will not go to those they wish after they are gone. Thankfully, a will is a legally binding document, and courts will abide by your desires. Dying without a will leaves you no guarantee that your estate will be divided up the way you wanted.

2. Avoidance of Probate

The probate process is time-consuming and often a drain on those you love. If you have a will that specifies the distribution of your assets, then you can shorten the length of the probate process for your beneficiaries. The court can take less time determining an individual to help with asset divisions, and spend more time getting through the distribution of property.

3. Designation of Guardianship

If you have small children, then you should have a will. The document allows you to specify who will get custody of your children. If you do not determine guardianship, then you leave the decision up to the courts, meaning that your children may go to a relative that you would not approve of. 

4. Estate Taxes

Another excellent reason to have a will is that you can minimize the expense of taxes. If you give gifts to charity and the family through your will, then you effectively reduce the estate overall, which reduces the money owed to the government.

5. Time Is Not a Guarantee

As dreary as the idea is, no one knows how long they have left on this earth. Planning for your eventual demise ensures that those you love are not left with a complicated financial situation that only compounds their grief. Creating a will is a responsible decision, and it is done to protect your family.

If you would like more reasons to create a will, then contact a lawyer, like an estate planning lawyer from the Yee Law Group. He or she will help you determine the need for a will and how to make sure that your final wishes are adhered to.