It’s common knowledge that making a will isn’t fun at all. A will is a legal document stating your wishes that should be enforced regarding your estate when you pass away. Having a will is one way of legally protecting your family and assets once you perish from this world. If you think about your loved ones’ future after you’ve passed on, here’s the importance of a will and why you should get one while you’re young.
Why is a will essential?
With a will in place, you can tell everyone what should be done to your money, property, and other valuable possessions after you die. If you don’t prepare ahead of time, the law that operates in your state will be the one to decide how your estate should pass on, and this procedure may not be under your wishes. Here are the reasons why a will is essential in estate planning:
1) Prevents the operation of intestate succession
As mentioned, passing away without a will means that the intestate succession laws in your state will determine the family members who will inherit your estate. Majority of the states follow the usual procedure where your spouse, parents, or children are prioritized under intestate succession.
While you may want to leave a part of your estate to friends, schools, or charitable institutions, the law prohibits any of that. Thus, if you want other people to receive some inheritance, then making a will can ensure that all your wishes are executed properly. Remember, the laws on intestate succession will not take effect once you have a will in place.
If you want to have an in-depth understanding of estate planning and will making, then speaking to a professional lawyer like Brian Douglas can be of great help.
2) Does more than distribution of the property
One of the well-known features of a will is the distribution of the maker’s estate. However, the function of a will is more than that. At the very least, you can get the most out of a will to do the following:
- Appoint an executor to administer your estate
- Appoint guardians for your minor children and their properties
- Make trusts for your children and other beneficiaries
3) Satisfies legal requirements
Typically, a will complies with legal requirements. That’s because the maker signs most of these documents in the presence of two witnesses who will get nothing from the will. Moreover, when making a will, you should have testamentary capacity, meaning you should be of legal age who understands that the will you’re making will fix the persons who will inherit your estate when you die.
4) Reduces estate taxes
Preparing a will allows you to lower your estate taxes because the value of the properties you give to your family members will minimize the overall cost of your estate at the time that you pay for estate taxes.
5) Avoids a time-consuming probate process
With or without a will, all estates go through the probate process. Thus, making a will beforehand can speed up the process and notify the court about the method of dividing your estate. The contents of a will can result in a faster distribution of properties and other assets.
6) Avoid legal challenges
Dying without a will can let you and your loved ones avoid more significant legal challenges. If you have no will, a portion of your estate may go to someone who you didn’t want to inherit that property. In a case where the estate of a deceased son was involved, the father who didn’t become part of the former’s life for a long time, enforces his right to inherit the whole estate, making close siblings and relatives out of the picture.
Why should you make a will while you’re young?
A good reason for making a will at a young age is the fact that you can change or update it anytime. With some life changes such as birth, divorce, or death along the way, changing the contents of your will becomes necessary over time.
Moreover, everyone knows that tomorrow isn’t promised. If you procrastinate or are unwilling to embrace death as a natural part of life, the same shouldn’t be enough reason for not preparing a will. If you don’t want to come to the realization that wills are essential only when it’s too late, then drafting one while you’re young proves to be beneficial. To prevent stress from bothering you, it may be time to hire an estate planning lawyer to guide you in the making of an estate plan, before everything becomes too late.
Conclusion
No matter how you do it, preparing a will can be something that you have to do while you’re young. It’s also about making sure that all your loved ones can receive the quality of life you’ve assured them from the very beginning. By understanding the importance of having a will, you can see that your family is financially stable in case of your disability, critical illness, or death.
