Many believe that they do not need to have a will in place because their financial situation may not appear to be one that warrants division of assets. This is a common myth of estate planning, you do not need to be wealthy to put a will in place. The following outlines some of the most important reasons writing a will is vital to ensuring that your final wishes are handled in the way you would like.
Appointing an Executor
You will not be able to have a voice in who will be appointed as your estate executor if you die without a will in place. Putting a will in place before you pass away will ensure that the person you would like to carry out your final wishes and abide by the laws within your state is appointed as executor of your estate.
Your Children
One of the primary reasons for creating a will if you have children is to determine a plan of care for them in the event that you pass away. You will be able to appoint a guardian to care for your children which will ensure that the wrong person does not assume this responsibility. If you have children, a guardian may be appointed by the court if you do not have a will in place.
Beneficiaries
Determining who will benefit from your assets, will help mitigate contentious family arguments over your estate. When distributing your estate, you will also be able to indicate who you would not like to receive your assets. This will prevent people who should not receive portions of your estate from contesting your will.
Donations
If you would like to ensure that your legacy lives on in a philanthropic way, you can outline in your estate plan recipients of charitable gifts or donations.
Estate Taxes
You estate’s value will diminish when you distribute assets to charities, family and friends. This will ensure that beneficiaries do not have to pay as high of taxes.
Help Things Run Smoothly
It can be stressful for family grieving the loss of a loved one to be hit with the stressors of lawyer fees and funeral bills. While a family is grieving, having a will in place will protect your family from having to manage legal and financial issues.
Putting a will together will make sure that your assets are divided to your loved ones and distributed to them in the way that you would like. Contact an estate planning lawyer O’Fallon MO citizens trust to schedule an initial consultation if you have been considering writing a will.
Thanks to our friends and contributors from Legacy Law Center for their insight into estate planning.