Ah! The glory days, the days you spent working hard, doing night jobs to provide for your family, to ensure that your child goes to the best school near you, while your wife attends the cooking class she deserves without putting too many strains on the needs of other family members.
Those days will end eventually. The property and assets you have represent the hard work you have done over the years. After spending the bulk of your life building these assets, here are five reasons you should not leave them in the wilderness upon death. Instead, you should pass it on to some other family member.
Lees & Lees provide expert advice on writing a will and can be your confidante, keeping the elements of the will secret from all stakeholders. They will ensure that everything mentioned in your will is carried out in your absence.
You Decide the Distribution of Your Estate
Leaving the estate nameless without any legal heir is equal to summoning chaos within the family. Regardless of how well knit and close your family is, the battle to acquire property can turn ugly any moment.
To prevent a lengthy legal battle from starting in your absence, it is imperative that you have a written will which can be used as a reference later on.
Contrary to popular belief, all estates must go through the probate process. A will helps in speeding up the probate process as it may become unnecessarily long in the absence of a will.
Got minor children, afraid what may happen to them in your absence? Then it is imperative that you nominate a family member to take care of your children. Not doing so will make the state responsible for choosing a guardian for your children.
The person the state nominates for taking care of your children may not be suitable for your kids. Keeping the future of your kids in mind, it is essential that you make an informed decision and choose what you think is best for them.
A will gives you legal power; not availing this power can negatively impact the people who are close to you.
In the absence of a will, close relatives or individuals you don’t like and are not on good terms with can claim your property. To ensure that they don’t get any piece of the cake, it is imperative that you write a will and categorically disinherit the individuals from the will.
Gifts and Donation
Giving gifts and charity to help the underprivileged are two ways that help your legacy to live on after your death.
A will maximizes the value of an asset for the beneficiaries primarily because all gifts in the form of an estate that exceed the amount of $13,000 are not included in estate tax.
Therefore, in addition to building a legacy, writing a will can help you in increasing the value of a property for your beneficiary.