Have you written your will? The document details how you intend to bequeath your assets upon death. Below is a piece explaining the benefits of wills and considerations to make when writing your will.
What Are The Benefits Of Wills?
The primary benefit of writing a will is that it ensures the financial security of your loved ones after death. In some cases, your family experiences challenges accessing your assets. For instance, if you invest in cryptocurrency, your family could lack the access codes needed to access your accounts. Moreover, you could have invested in crowdfunding or purchased shares or property without informing them. A will lists all your assets and liabilities. Therefore, you do not have to worry that some of your assets could end up unclaimed. Moreover, the estate executor pays your outstanding debts. Consequently, your creditors do not file suits against your estate.
Who will take care of your kids after death? A will allows testators to appoint guardians for their kids if their spouses are not alive. Usually, guardians are trusted friends or family members you believe can act in your children's best interests. In most jurisdictions, people below 18 years lack the legal right to make complex financial decisions. For instance, they cannot transfer property or get into legally-abiding contracts. So, how do you bequeath property to your kids? You could create trusts that empower a third party to manage your children's inheritance until they are of legal age. Moreover, you could create trusts to donate some of your estate proceeds to a charity.
Finally, a will helps prevent disputes among your family members after death. Typically, your family members are likely to get into conflict since each would want the lion's share of your property. Once this happens, they move to court and incur significant legal expenses. In most cases, the courts do not consider beneficiaries who are not part of your immediate family. Therefore, you do not have an opportunity to gift your close friends and associates.
Considerations To Make When Writing Wills
Hire a wills and estates lawyer to help you with the nitty-gritty of writing the will. Typically, the lawyer's objective is to ensure your will meets the required legal standard. It prevents beneficiaries and other interested parties from disputing the document in the future. For instance, the lawyer ensures the document does not have contracting clauses. Moreover, they recommend an explanation letter justifying your estate management ideology.
You also need an executor to implement the various conditions in the will. The general principle is to ensure the executor is a trusted individual. If possible, list at least two secondary executors to execute the will if your primary executor relinquishes their rights.
For more information about wills, contact a local lawyer.
