6 Good Reasons to Write a Will
These may be the things that your family lawyer has already told you, but we wrote this list just to remind you of some of the good reasons to write a will. You don’t need to be Bill Gates or Mark Zuckerberg to think about your will in advance. If you have any kind of property or if there are any other issues that you would like to be taken care of even after your death, you should definitely think about writing it. Writing a will is especially important in cases when you have a big family, lots of children, or any other members that have the right to expect something from you. So, let us tell you something more about the benefits of having your will prepared.
- The decision of your estate distribution should be only yours to make
If you take into consideration that a will is a legally-binding document, you should definitely start considering it more seriously. Imagine having a car accident, or God forbid, dying of a heart attack, what would happen to your property? It is why it’s always better to solve it on time, and we guess the right time is – NOW!
- If you have minor children, a will is a must
Let’s face it, tragedies and terrible things may happen, and in those cases, you definitely don’t want the court to decide and choose among family members or state-appointed guardians for your children. When you have a will, you may avoid someone you don’t want raise your children in the future.
- Writing a will makes it easier when it comes to lengthy probate process
When a property owner dies, all estates must go through the probate process, no matter whether he or she left a will or not. However, when there is a will, this process is much shorter, and additional confusions may be avoided.
- Minimizing estate taxes
According to the law, when you give away your property to family members or charity, the value of your estate will be reduced when it’s time to pay estate taxes. This is definitely one of the most important reasons to write a will.
- You decide about the people to wind up the affairs of your estate
The biggest irony is that the administration after someone’s death is cruel, being the reason why you should carefully choose the executors who will make sure all your affairs are in order. They play the biggest role in the administration of your estate, so make sure to appoint someone you really trust. That may be your family member, friend, or a lawyer you believe.
- You may remove people from your will, even if they might inherit something from you otherwise
If you have some family members that have the right to some of your property after your death, but you don’t want them to get anything, you may solve everything by simply disinheriting them in your will. You should use this opportunity if there are some family members who hate you and who are there only to get something from you.