Why Is It Important To Have A Will?

Estate planning is one of the most important legal journeys you will ever undertake. Determining what happens to your assets after your death can require some legwork, but having the documentation in place now means peace of mind later. You may think that a will is only necessary if you have a large estate or lots of complicated assets, but having a will benefits everyone. 

What Is A Will?

Simply put, a will is a legal document that officially and formally declares the plan for the distribution of your estate and any other assets after your death. It gives you a final opportunity to provide for your family, dependents, and evaluated organizations like charities, and it can help prevent legal battles and confusion. If you die without a will, your plans may not be carried out, especially if the court chooses an executor who is unfamiliar with your wishes. Anybody can write their own will, but having it legally witnessed or created with the help of an estate planning lawyer will mean that your will is more likely to stand up to any legal challenges.

The Importance Of A Will

Here are the most important reasons to have a will:

• Asset Distribution:  The most obvious benefit of a will is that it allows you to determine exactly what happens to your assets after you die. This can include businesses, money, possessions, and any other type of property. Having a will means that you can designate exactly who receives what.  
  
  Having a will also means that you can determine exactly who doesn’t receive certain assets. If there’s a fight over a claim to an asset, or an upset family member tries to challenge asset distribution in court because they believe they deserve a larger share of your estate, your will can quickly settle the dispute.
• Family Protection: When you write a will, you can determine exactly which assets go to which family members. The time after a death in the family is hard on everyone and attempts to claim unwilled assets can cause heartache and family fallout. A will makes things easier and more straightforward for everyone. The will also determines the executor of your estate. This is the person who will take charge of wrapping things up after you have passed away. Without naming an executor, this role can be unclear and complicated.
• Guardianship Determination: If you have minor children, this is one of the most important reasons to have a will. A will is the only document that can name the guardians of your minor children. Without this document, the courts will decide where your minor children will go, which might not be who you thought was best.
• Property Management: Similarly, if you are leaving property to minor children, they are legally not allowed to manage it on their own. A will lets you designate the person who will help care for the property you leave to your minor children, as well as a person to help manage any other property not designated specifically in the text of the will.
  
• Easier Probate Procedures: Probate generally refers to the court-supervised process of distributing an estate. Probate can be lengthy and expensive, but it doesn’t have to be. A clearly written will can minimize the time it takes to distribute your assets. This means that your heirs will be able to access their assets more quickly.
  
• Tax and Fee Reduction: If you die without a will, the court uses a standard formula to distribute your assets. If the court has to do this, they will charge additional taxes and fees to your estate, meaning that your family members will receive less than what they would otherwise.
  
• Charitable Support: If you are planning on leaving any of your estate to a charitable organization, you must have this specified in a will. Otherwise, your family or the court will decide where your assets go, and this may not be in line with your plans or values. Charitable support in your will can also help offset the estate tax, which can be beneficial for your inheritors in the long run.
• Your Will, Your Wishes: Ultimately, the greatest power that a will has is legally ensuring that your wishes are carried out. This doesn’t just mean that your estate is distributed the way you want– having a will means that you can specify plans for burial, cremation, or body donation. Without a will, a court-appointed executor or your family can make these final decisions for you. A will is the only way to guarantee that you have control over your body’s final resting place.

Making your will might seem complicated at first, but it is a process worth undertaking. The point of a will is  to ensure that your wishes are met and that your estate is distributed in the way that you have decided is right. Creating a will makes everything easier for those you leave behind, and it is a way to provide for your family and ease their stress in a very difficult time.