Why It Is Important To Have A Last Will And Testament

One of the most essential things you can do for yourself and your loved ones is to make sure you have a current Last Will. Your spouse, children, and possessions will be legally protected and you can dictate and demand how you want things handled after your death.

A Will doesn't have to be complex; they don't have to be more than a few pages long either. Through your will, you can provide detailed instructions in advance regarding how your assets and property should be managed, disposed of, or distributed to loved ones when you’re gone.

Why A Last Will and Testament Is Necessary

Here are some reasons why you need a last will and testament:

You Choose Who Inherits Your Property

Your property can be divided according to your wishes with a Will, a legally enforceable document. Upon your death, you have complete control over what happens to all of your assets, including your home, car(s), heirlooms, cash, and other valuables. There is no guarantee that your wishes will be carried out if you die without a Will.

Additionally, if you want, you can exclude specific individuals from receiving a share of your estate through your Will. You can also choose a team of lawyers who will fight to ensure your desires are enforced in court.

You Choose Who Becomes Your Personal Representative or Executor

A personal representative is designated in every Will. All your business will be in order with this representative. Paying off debt, deactivating credit cards, and contacting financial institutions are all part of the representative's duties.

Estate administration relies heavily on the work of personal representatives. Ensure that the person you choose is credible, honest, and organized. Personal representatives can be a relative or any other person entirely.

Probate Costs Can Be Reduced By Drafting a Will

In some cases, the tax bill following someone's death can be high. Nevertheless, with a few simple measures, a well-drafted testament can prevent excessive taxes. Before creating your will, it may be beneficial to consult with your personal financial planner.

A Will Reduces A Long Probate Process

When a person dies without a will, the state's laws govern who gets what from their estate. State law provisions may conflict with your wishes for your estate. If you want to have any say in what happens to your assets after you pass away, you need a will.

A Will Allows You to Establish A Family Trust

Creating an after-death trust is a common provision in last wills and testaments. Trust is a bank account administered by the trustee who can only use the trust funds for the benefit of the beneficiary. A Trust comes in handy if you're divorcing and have young children. You may leave your estate to your children using one of these accounts without having to worry about your ex-spouse abusing the money your children inherit.

Regardless of your situation, the need to have a will is obvious. By failing to draw out a Will, you have no say in who will inherit what you own when you die and who will manage your estate. The state ends up deciding for you. However, if you prepare ahead, you can prevent this. You can always add to or modify the terms of your will if you draft it now. Your existing Will should be reviewed at least every five years to make sure that it still conforms to your choices.