Over the past few weeks, I’ve been discussing wills on Facebook Live, so you may be wondering how much more can I say. August is National Make a Will Month, and in case you have missed my live broadcasts, I don’t want to miss this opportunity to stress its importance to anyone who is still on the fence.
Let’s breakdown what a will is and what it does. A will is a legal document that is used to transfer assets at death. It states who you want to receive your assets after you die, names the person you select to make decisions for you when you pass, and name who’s in charge of your probate estate -this person is called your Personal Representative or Executor.
A will can also name a guardian for your underage children, and do other things such as waiver limitations on what your estate can pay for your funeral and court requirements for personal representative bond.
While this is all valuable information, let’s dig a little deeper.
Here are five (5) things having a Will can accomplish:
1) Ease the burden of a difficult time.
We all know losing a loved one is hard. The last thing anyone wants to deal with during this time is possibly arguing with family members over belongings and property. Having a Will keeps your loved ones from having to deal with that extra trouble during times of grievance.
2) Minimize estate taxes.
Another reason to have a will is that it allows you to minimize your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes.
3) Gifting and donating to organizations of your choice
Most people only think of wills in terms of family and friends, but you can also plan to give to a cause that is important to you.
4) Controls who receive your assets
Whether it’s money, a car, or even furniture, you should decide who receives your belongings after you die, not the state. The state never considers those not related to you, like close friends or mentors, as you would in your planning. Often the biggest family fights are not over money, but that special vase or serving dish; tangible items that carry sentimental value. Your will instructs who gets your collections, your jewelry, or whatever to cut down on family conflicts. A Will ensures your loved ones receive the assets when you want and how you want.
5) Tomorrow is not promised
Procrastination (outside of fear) is the most common reason for not having a will. Far too often, people (or their loved ones) realize the necessity of a will too late – such as when an unexpected death or disability occurs. As I like to say, it’s better to have it and not need it than to need it and not have it. It is always best to be prepared.
While there are more than five reasons that you should have a Will created, this is a great start. And what better time to start than during make a Will month, am I right?
Contact us today to get started: www.HendersonLaw4God.com/contact-us