While thinking about final wishes may sound morbid, it is necessary. Establishing a will is important for practically everyone, even the young and healthy. If you work with an experienced estate planning lawyer, creating a will can be quite painless. Here are a few advantages of having a will.
Ensure Your Assets Are Distributed Properly
Whether it is your house or family heirlooms, you want to make sure that your assets are distributed according to your wishes. If you die without a will, however, the state has to decide how your property will be distributed. Your assets might go to someone you do not want. As such, it is important to establish a valid will. It is the only way to guarantee that your wishes will be followed. For example, if you want the big painting in your living room to go to your best friend, you can state that in your will.
Include Funeral Wishes
Another advantage of having a will is that you can specify your funeral wishes. You do not want your loved ones scrambling to figure this out when they’re grieving. State whether you prefer to be buried or cremated.
Appoint Guardian for Minor Children
If you should die before your children reach adulthood, you want someone you trust to look after them. Therefore, it is important to create a will. The document lets you appoint a guardian for your minor children. The guardian you choose should be responsible, financially stable, compassionate and patient. The person should also share your values and parenting styles. For example, if you are a religious person, you may want to appoint a guardian who will take your kids to church.
Streamline Probate Process
Before your heirs can receive your property, your estate has to go through probate. The process has a reputation of being long and stressful. However, if you have a proper will in place, you may be able to shorten it. A will clearly states your wishes, so there will be less of a risk of family members arguing with each other and slowing down the process.
An executor is responsible for paying your outstanding debts, securing your property and distributing your assets to the proper heirs. Since it is such an important job, you want to choose the right person. A will allows you to do just that. The executor you appoint you should be trustworthy, responsible, organized, communicative and impartial. If you do not appoint an executor, the court will do it for you.
Specify How Your Digital Assets Will Be Dealt With
When creating a will, many people forget about their digital assets, like social media accounts and online financial accounts. It is important to specify how you want these assets maintained or disposed of after your passing.