A will is an important document that you must create before you die. It is a way of caring about the people you love, even in death. By having a will, you can be sure your wishes will be followed when you pass away. Unfortunately, a lot of people put off writing their wills. In fact, many even don’t care about estate planning at all. Although you may have a reason to procrastinate, you need to have a plan. Check out Ld-legal.com to find an attorney who can help you with this. Putting it off can lead to problems for your family when you are no longer there to make decisions. The following are the reasons you should not put off writing a will:
Confusions and Disputes can Arise
If you die unexpectedly before you make a will, this can result in confusion. Your family will not know your wishes and assets, how to access your financial accounts, more. Although they can find these answers, they will be more confused and stressed out during this an already stressful time.
Moreover, a lack of planning can result in estate disputes. You cannot expect your heirs to agree on every point, so you must make your wishes known.
Ensure Your Children are Taken Of
The guardianship of your children and the protection of assets that pass to them should not be left to chance. With a will, you can name your preferred guardian and a trustee to manage the affairs of your children. If you don’t have a will, the appointment will be done by the court.
By writing a will, you can lay out how the guardian must be compensated and if they can live in your family home to offer your children stability. Your chosen trustee will manage the assets held in trust for your children until they are of an age you designate. With this arrangement, you can be sure your children don’t end up spending unwisely. Also, this protects your children from creditors.
Choose Where Your Assets Go
If you pass away without a will, the court will decide how to divide your estate and the rules may surprise you. For instance, inheritance may only be given to married or civil partners and cohabiting partners without wills cannot inherit under the rules of intestacy. In this case, the estate will be given to close relatives. By writing a will, you can be sure your assets are distributed as you choose. A will also lays outs your charitable giving wishes.