A will or a testament is a legal document that outlines how you would like your assets to be properly distributed to your intended beneficiaries. You probably have seen how actors in the movies draft a will with all the action fighting against who has the rights to the deceased’s assets, drama, and all.
The person writing the will, known as the testator, has to be at least eighteen years old who wants to ensure their family’s financial wellbeing when they passed away. When signing a will, there must also be two witnesses. The will must also state who’ll be getting the testator’s money if something happens to the testator before death.
But is it necessary to have a will? Learn the important benefits of having a will by reading below.
1. Serves As A Legal Document
A will gives you the power to set the course for your loved ones, especially your family and children, in your absence. However, a will also has many important legal responsibilities. It may also be required by state law in some jurisdictions. If a lawyer or paralegal prepared your will, it would be more likely to serve as a legal document rather than the last will.
An estate planning lawyer can help you in many ways to ensure that your will is legally valid.
* An experienced estate planning lawyer can help guide you through the process of creating your will.
* The attorney will be able to provide you with valuable legal advice and information.
* The attorney may also be able to help you fill out your legal forms.
* Your attorney helps you complete the papers and prepare them so they clearly and accurately reflect your wishes.
* Your attorney can help you review your documents after they’ve been filed. This ensures that they’re up to date and accurate.
2. Settles Debts And Other Financial Affairs
Typically, a will allows you to address your debts, settle your other financial affairs, and give your family and other beneficiaries the power to handle your personal assets.
This means that you can appoint an individual to control all your assets, including your home and other real property.
3. Ensure Proper Distribution Of Wealth
In addition to giving you the power to make your wishes known, a will allows you to evenly pass down your wealth to your family. An estate plan can give a percentage of your property to your children and spouse.
If you pass away, you won’t be able to support your children. Fortunately, your estate plan will provide money to your family to support themselves until your children become financially independent.
4. Protect Your Assets
Another benefit of having a will prepared by an estate planning attorney is that it can help protect your assets in case of your untimely death or disabilities. In some cases, the deceased may have left their real estate property to their family members, but the family couldn’t afford to pay for living expenses. In a case like these, the deceased’s estate can be transferred to another trust.
You may also leave valuable jewelry, art, records, or other memorabilia. The will can also protect your life insurance and retirement plans.
5. Obtain Protection From Life Insurance Liability
A will protects from liability under your final expense policy. There may be times when your insurance company is unable to pay your bills. In this case, if you have a limited life insurance policy, you may want to have it transferred into a trust, rather than losing all your possessions and financial contributions.
Also, suppose you leave your family financially responsible for your funeral costs. In that case, they may want to seek a court order to release the proceeds of your funeral costs or to obtain the balance owed on your policy.
6. Helps Fulfill Your Final Wishes
Various kinds of assets can be included in a will, including real estate, stocks, mutual funds, and other investments. It also includes the things the testator wants in their wills, such as medical treatment and education. Other things that can be included in a will are burial expenses, funeral costs, and other expenses that occur after death. There are also situations where the testator’s possessions can be taken out in a will, including a vehicle.
Important Considerations When Writing A Will
You can’t neglect the details when writing a will as they can make or break the document. If you leave out important details, then there’s a great chance that you’ll be ignored by anyone looking for information on the estate of a loved one.
Check the following considerations when writing a will:
* Beneficiaries: The first thing to consider when writing a will is to determine who’s going to be the beneficiary/ies. You should also be sure that the will clearly state who’s legally allowed to make decisions for the estate, including who’ll be responsible for paying bills, paying taxes, and taking care of any outstanding debts.
* Worth of your estate: You need to determine the value of assets that the people who inherit the estate will have, which is important so that the person who makes the final decision can get a fair assessment. Furthermore, the value of assets is important because the probate court judge will use this to determine the property’s value at the time of the will.
* Wealth distribution: You should also list the part of the property that you’re going to pass on to your children. This gives you some control over their ownership of the property.
Once they inherit the property, it won’t be inherited by anyone but the beneficiaries. Thus, you have some sort of control over how it will be handled.
* Final detail: The last thing you have to consider when writing a will is the final detail. You should add a clause that says who’s responsible for any unpaid debts and to whom your property shall go.
Having a will provides you with peace of mind and the opportunity to evenly pass down your wealth to your family. Also, having a will prevents future liability for your life insurance and retirement plans and protect your valuable assets against a loved one’s unwise decisions.
Still, remember to prepare your papers properly and review them thoroughly before submitting them to an attorney. After your attorney has reviewed the forms, they can evaluate it for any gaps or omissions that you can re-file or change.