If you do not prepare a Will, your assets and estate will be dispersed in accordance with the laws of your state. Making a Will guarantees that your desires are carried out.
What you’ll discover:
1 – Appoint a guardian for your children
2 – Protect your company
3 – Determine who gets your assets
4 – To support a favorite cause
5 – To make a tough situation easier to bear
Although Wills and estate planning regulations differ from state to state, one thing remains: if you do not have a Last Will and Testament, the government drafts one for you. That is, your assets and estate are allocated in accordance with your state’s general rules. In general, this implies that your belongings will be divided among your next of kin, spouse, and children. But who receives what? And who is in charge of really allocating your assets? If you do not create a Will during your lifetime, your state’s laws will make these choices for you.
Table of Contents
1 – Appoint a guardian for your minor children.
Nobody knows their children better than their parents, and if you die without leaving a Last Will and Testament, the State will pick who will care for them. In your Will, you may name a guardian for your children and ensure that they are cared for by someone you love and trust.
2 – To safeguard your company
Making a Last Will and Testament (and utilising Living Trusts) is a wonderful strategy to pass your business on to your heirs or co-owners. The major reason why 70% of family-owned companies fail beyond the first generation is a lack of estate planning.
3 – To choose who will get your assets
Whether it’s a family heirloom, a vintage Corvette, or your finances, you should pick who inherits your possessions after your death, not general state laws. These regulations may not match your expectations and never contain allowances for those who are not connected to you, such as close friends or mentors. Make certain that your loved ones get the assets you want for them.
4 – To support a favorite cause
Wills aren’t simply for friends, family, and loved ones. They may also be utilized for good. Incorporating a charity into your Will is an excellent way to give back while ensuring that your assets are utilised for a worthy purpose.
5 – To make a tough situation easier to bear
Losing someone is heartbreaking, and the last thing any of us wants to do is waste time arguing with attorneys and family members. Making a Will prevents your loved ones from having to deal with bureaucracy at a difficult time.
