Life is uncertain, and tomorrow isn't guaranteed. We're all driven by the desire to build financial security for our loved ones, especially minor children. We work day and night to create a decent income, build a home and make assets to generate wealth. But when we die, this wealth undergoes a series of legal complications, denying our loved ones their fair share.
Writing a will with specific instructions on asset distribution and estate planning is best to secure your family.
A will is a safety net that will legally protect the interests of your spouse, children, elderly parents, and other beneficiaries. It's a legally binding document that will ensure your wishes happen precisely as you wish.
How does a Will help you in the long run? Keep reading to find out.
Suppose you have multiple properties and assets and several beneficiaries, including your spouse and minor children. In that case, you will is a legally binding document that will allow you to instruct estate distribution and handling after your death.
You can leave specific instructions about the share of each beneficiary and property division amongst your children.
If your children are minors, you may have to entrust your spouse or parents with the authority of managing their inheritance. However, if you die without compiling a legal will, you will have no control over estate distribution. The absence of a will can cause numerous complications, such as legal proceedings, family fights, and unfair distribution.
Are you struggling to understand the legal dynamics of preparing a will? We advise learning more about preparing wills online and engaging a reputable attorney specializing in trusts and wills. Connecting with an attorney is a viable solution, as the lawyer will suggest the right option for your estate. Look to Incompass for all your estate planning solutions. Depending on your estate planning needs, the attorney will determine whether a will is more appropriate or you should consider trust funds.
Typically trust funds are more reliable for people with minor beneficiaries who cannot fulfill estate management duties. However, a will is ideal if you want to leave behind specific instructions and ensure compliance with your wishes. If you're struggling to connect with a local attorney, consider finding a reputable professional online. The sooner you compile your will, the more secure you and your family will feel.
Parents cannot stop worrying about their children, especially minor dependents who cannot think for themselves. No parents want to die without ensuring their children are well taken care of financially and otherwise. Compiling a will with instructions around your children's guardianship and financial well-being is paramount.
When one parent dies, the other parent must step up and take control of the situation to ensure normalcy. However, if both parents die, children must enter the cruel foster care system.
Would you want your children fighting against such painful and agonizing circumstances?
Suppose you're a single parent raising minor children as the sole breadwinner. In that case, you need to finalize your will without delay. You can appoint a guardian to take care of your children after your demise. Having a will ensures the court is bound to respect your wishes and entrust your children to the care of your chosen guardian. This step is crucial to select the right guardian and ensure your children will be with someone you like and trust.
What happens if your minor child is differently-abled or has a mental disability? In that case, your will must record specific instructions for the child's care, guardianship, and financial stability.
The wealth you have built for your family will go through probate proceedings, regardless of your will. However, having a will with instructions on estate distribution will prevent long-drawn probate proceedings. The absence of a will gives the court the authority to appoint an estate executor responsible for asset distribution.
However, a will speeds up the process by giving the court specific instructions on how you want to divide your estate.
The entire purpose of probate proceedings is to distribute and administer your estate. Your will serves as your voice in court after you are no longer in this world. However, if the court doesn't have access to your will, probate proceedings can get grossly delayed.
Here's another compelling advantage of writing a will: you get to appoint your own estate executor. An executor is an individual responsible for managing your financial and legal affairs. The executor will distribute your assets, manage your estate, pay off creditors, cancel your financial services and notify your associates.
Executors have a paramount role in estate administration and distribution. Writing a will gives you complete control over choosing an honest, reputable, and trustworthy individual.
Did you know that compiling a will allows you to minimize the estate taxes on your assets? That's not all. You can also leave specific instructions regarding individuals you want to deny any share in your estate. A Will also carries stipulations regarding burials and managing personal belongings, artwork and memorabilia. Suppose you have an extensive library that you've lovingly grown over the years. In that case, your will can carry specific instructions on maintaining that library or donating the books to a charity.