Many people assume that estate planning is something that only the very wealthy need to focus on. In fact, everyone can benefit from the peace of mind that a document like a will can offer.
Why exactly is it important to have a will? To help you understand how it can impact you and your surviving family members, the estate planning will lawyers at William C. Roof Law Group offer the top 5 reasons to have a will.
What Is a Will?
A will, also known as a last will and testament, is a legal document that states how you’d prefer your assets to be distributed after you die.
Your will can outline your preferences for who will care for your minor children, who will receive property, and even whether you’d like to donate assets to charities. If you own a business, it can ensure that your investments go to the right beneficiaries.
As part of your will, you’ll name an executor, or personal representative. This is the person who will be in charge of ensuring that your wishes are carried out. Essentially, they’ll handle the duties involved in the administration of your estate. You also name beneficiaries, or the people who will benefit from the will.
It’s always a good idea to work with a qualified estate planning attorney when creating a will. This is especially crucial if you have complex finances and many dependents. But just why is it important to have a will? Let’s take a closer look.
Reasons to Have a Will
A common question we hear at our law firm is, “Why should I have a will?” With that in mind, here are the top 5 reasons to have a will and how such a document can provide peace of mind while ensuring that your loved ones are cared for when you’re no longer around.
1. To Determine Who Will Manage Your Estate
One of the best reasons to make a will is to have the chance to name an executor. This individual will be in charge of wrapping up your estate and will have access to bank accounts, property, and other assets. They’ll manage any debts you leave behind and notify institutions like the IRS of your passing.
If you don’t leave a will naming a personal representative, the court will do it for you. They may not always choose the person best suited for the job, so it’s always better to appoint someone via your will. Choose someone you trust who has the right administrative skills. If you’re not sure who to opt for, seek an attorney’s advice.
2. To Decide Who Gets Your Assets
Another one of the top 5 reasons to have a will is to ensure that your assets are divided according to your preferences. You can name specific beneficiaries to receive exactly what you’d like them to have, from family heirlooms to stocks.
If you don’t leave a will, your property will be divided according to state intestacy laws. Under these laws, your heirs will be designated based on a hierarchy of inheritance without taking into account your current relationship status with them.
Keep in mind, however, that there are restrictions to this protection. Florida doesn’t allow you to disinherit your spouse unless you have a prenuptial or post-nuptial agreement. You also can’t take away a minor child’s homestead.
Having a will ensures that those who aren’t protected by state intestacy laws get what you want them to have. Close friends, for example, aren’t protected by law, so you may want to specify your wishes regarding them in your will.
3. To Avoid Legal Challenges
Your will is a legally binding document. If you have complex family dynamics, there may be disputes about what each person will receive if you die without a will (or “intestate”).
Disgruntled relatives can mean a lengthier probate process, which can negatively impact the rest of the beneficiaries. Having a will that clearly states your wishes keeps the likelihood of troublesome challenges to a minimum.
4. To Facilitate the Probate Process
Your will must go through probate court to have its validity established. Probate doesn’t have to be expensive or complex; it can be a straightforward procedure that allows your loved ones to receive what you’ve left them in a timely manner. Probate involves officially appointing the executor of the will and giving them access to your assets.
The more complex a person’s property and other assets are, the more vital it is for them to have a will to avoid drawn-out probate. The existence of a will can also help lower estate taxes. Your lawyer can provide legal advice on ways to dispose of taxable assets to your benefit, as well as reduce inheritance taxes for your loved ones.
If you have a large estate that exceeds federal tax exemptions, you must have a will to avoid hefty taxes that could significantly impact your beneficiaries.
5. To Protect Children and Pets
If you have minor children, dependents with special needs, or pets, a will can help you protect them after you pass on. You can make provisions for their financial security while assigning caregivers to oversee their physical well-being. This is one of the leading reasons people prepare wills.
If you don’t have a will, the court will appoint a guardian, who may not be the person you’d prefer. By putting your wishes in writing, you can get the peace of mind you deserve.
Safeguard Your Legacy With the Aid of a Will Attorney
All adults over 18 should have a will. Not only does having one ensure that your assets are protected and distributed according to your wishes, but it also helps speed up probate so your beneficiaries can receive what you’ve left them without delay.
That said, creating a will on your own isn’t the wisest option, as probate courts can invalidate wills for many reasons. The best way to avoid this issue is to hire a will attorney. The knowledgeable estate planning lawyers at William C. Roof Law Group can help you prepare a valid, legally enforceable will that addresses your most valuable possessions.
Contact our team today to schedule a free initial consultation.