A Will is a legal document that gives you the power to decide what happens to your property and possessions when you die. Without a Will, the state will decide how to distribute your assets, which may not be in accordance with your wishes.
Here are 12 reasons why you should have a Will:
1. You decide how your assets are distributed
If you die without a Will, your assets are distributed according to your state's laws of intestate succession. This means that your assets may not go to the people you intended.
2. You can appoint a guardian for your minor children
If you have minor children and die without a Will, a court will decide who will raise them. By having a Will, you can name the person (or persons) you want to raise your children in the event of your death.
3. You can avoid family fights conflict and hurt feelings.
Family fights are often the result of uncertainty and misunderstanding. By having a Will, you can make your wishes clear and avoid potential conflict among your loved ones.
4. You can choose an executor to carry out your wishes
An executor is the person responsible for carrying out the instructions in your Will
5. Your estate will avoid probate
One of the main reasons people choose to create a Last Will is to avoid probate. Probate is the legal process of settling an estate after someone dies. If you die without a Will, your estate will go through probate and your assets will be distributed according to state law.
6. You can minimize inheritance taxes
By having a Will, you can minimize the amount of money that your estate will owe in taxes and other expenses.
7. You can make provisions for your pets
If you are a pet owner, you can use your Will to make sure that your pets are taken care of after your death.
8. You can support your favorite causes
If you have a cause that is important to you, you can use your Will to leave money to charity.
9. You can protect your family from creditors and lawsuits
Ensure that your loved ones are taken care of, and avoid leaving a mess for them to sort out.
10. You can plan for incapacity
No one likes to think about becoming incapacitated, but it's a very real possibility. If you become incapacitated and don't have a Will, someone will need to be appointed to make financial and medical decisions on your behalf. This person, called a guardian, will be chosen by the court. The court will also determine how your assets will be managed.
11. A Will is the only way to ensure that your wishes are carried out after you die.
Without a Will, the state in which you live will determine how your assets are distributed. If you die without a Will, your assets will be distributed according to the laws of intestate succession. This means that your assets will be distributed to your closest relatives, even if you would have preferred them to go to someone else.
12. A Will gives you peace of mind
Knowing that your affairs are in order and that your loved ones will be taken care of after you're gone can give you peace of mind.
While it's not the most pleasant thing to think about, taking the time to create a Will is an important step in ensuring that your loved ones are taken care of in the way that you desire.