Legal Tips and Resources
Although they’re an important part of keeping your family safe and taken care of after your death, a will is something many people don’t have. If you’re one of those people, it might be time to speak with your attorney about getting one created. The following are five reasons why.
- To Avoid Family Contentions
If you don’t have a will at the time of your death, your family could argue about what to do with your estate. If you are in a sound financial situation, one child may want to sell the family home and split the money between all the surviving children. Another might want to keep the family home and move into it. You may have other assets as well, which your kids could fight over. If you have a will in place that gives specific details about what you want to happen to your assets, you could help your family avoid those contentions.
- To Make Decisions About Your Children
If you die while your children are still minors, they will become the responsibility of the state. While in many situations, they end up with family members, that could become a battle between two qualified relatives as well. If you create a will, you get to make those decisions. You get to choose both a physical and a financial guardian for your children so they are best cared for after your death.
- To Avoid Estate Taxes
There will be a certain value to what you give your family members or certain charities. The more you give away, the less your estate taxes will be.
- To Disinherit Individuals
It’s unfortunate, but sometimes a family situation while you’re alive will cause you to want to disinherit someone. Perhaps you want to disinherit an ex-spouse. Maybe you have a child who is an addict and has proven time and time again he or she can’t manage money. Those would be individuals you may choose to disinherit, but it should be more distinct than simply leaving the individuals out of your will. You should specifically state the names of the individuals you wish to disinherit, and possibly the reasons why.
- To Make Donations
To the dismay of potential heirs, some people choose to donate their assets to a charity or other organization. When you create a will, you get to choose who to donate to, as well as how much you want to donate.
Getting Started With Your Will