Life can be pretty unpredictable. No one knows when they’ll die and how much they’ll be able to achieve in their life.
And the last thing any person would want to think about is others misusing their hard-earned valuables and possessions after their passing. However, it’s a mere thought and reality one can’t escape for long. Therefore, the best way to ease your stress and secure your belongings is to draft a legal Will.
Why drafting your Will is crucial?
A Will is a legalized document that includes specific directions of what will happen to your estate after you die. You can include provisions for any tangible property you own, including jewelry, cash, equipment, vehicle, and even furniture. It is a fluid document that you can alter whenever you like. Yet, several studies show that only less than half of American citizens have a Will.
Many people don’t keep a Will because they think it’s too much effort for nothing. However, that’s not true. Previously, drafting a Will took a lot of effort and time, requiring lengthy paperwork, constant visits to lawyers, and whatnot. But that’s no longer the case. Thanks to technology, now you can quickly draft a Will online. And you’d be surprised to see how easy and quick making a Will online has become.
A Will can sort a lot of things in your life. There are several reasons why one must have a Will, but perhaps the most crucial is ease and reassurance. Below, we have talked about a few more reasons you must draft a Will right away.
1. Decide who gets possession of your assets
As mentioned above, a Will assures that only the recipients you approve in your lifetime get ownership of all your belongings after you die. Without a Will, the state decides how to divide your property. That means that there is a likelihood that your loved ones might not get anything at all.
The person who writes a Will becomes the Testator, and the person you nominate to be in charge of your belonging becomes the executor. Being an executor is no easy job. An executor’s responsibilities include registering the death, taking responsibility for property and post, and applying for probate. Executors also have to pay inheritance tax, close bank accounts, and liquidate assets. Therefore, you must be considerate about who you choose as your executor. Choose someone capable, trustworthy, and preferably well-versed in all legal dealings.
2. Minimize estate taxes
Estate taxes can be daunting. They slow down business activities and force heirs to deplete working capital. Sometimes they might also have to sell businesses and land to pay off the amount. Estate taxes can also often cause the taxpayer to pay taxes twice when you purchase an asset and once when your estate passes to your heir.
A Will can not only help in minimizing estate taxes, but it can also save your heirs the trouble of having to get into unnecessary legal messes. A Will can also prevent the value of your estate from decreasing after you die.
3. Name a guardian for your minor children
It is difficult to think about dying when you have small children. Still, it’s always best to plan for the most unanticipated. One of the most critical reasons to write a Will is to ensure your children are taken care of by your appointed recipients.
Parents know their children the best. Therefore, it is crucial to appoint individuals who can responsibly look after your children and care for them with love. If you don’t draft a Will, the state will choose a guardian for your children. It could be anyone from your family or foster families or even send them to children’s shelter. So, please draft a will to ensure the protection of your kids if the worst happens.
4. Care of pets
Many people treat and consider their pets like family. But unfortunately, most state laws don’t consider pets as anything more than mere beings. Many states don’t even have any regulations for the possession of pets after the owner’s death.
However, you can protect your pets’ future by specifying a guardian/new owner in your Will. You can also leave money for your pet’s care to the new owner that otherwise wouldn’t be possible.
5. Support your favorite charity
There is nothing more satisfying and delightful than helping others. Suppose you are one of those who want to leave a positive impact on the world after your death. In that case, you can specify donations for your favorite charity in your Will.
You can leave either some specific amount or a percentage of your entire estate to a charitable organization.
As can be seen from the points above, having a Will is essential. It protects your estate from being distributed to people you wouldn’t want. It also guarantees that your loved ones remain stress-free about your estate without having to get into legal messes.
Everyone must remember that they are not invincible. A Will might seem unnecessary, especially to young people. Still, it’s perhaps one of the most crucial documents you will even sign. So, get on your toes and prepare to draft a will right away.