Drafting a will is arguably one of the most vitally important actions you can take for the sake of your family. It provides legal protection for your children, along with you spouse and any assets you possess, as well as detailing how you would like your affairs handled after your passing.
Just in case you are still not convinced, here are six reasons it is important to have a will:
- Custody of your children (if they are minors)
A will enables you to decide who will take care of your children when you die. Without this, there is no guarantee your desired carer will take custody, as the court will take it upon itself to choose either a family member or state-appointed guardian.
- How your assets will be distributed
A will is a legally binding document which entails how you want your estate to be distributed. It helps to reduce conflict and stress regarding the estate and aids in guaranteeing your wishes are carried out.
- You decide who looks after your estate
In a will you appoint executors who are responsible for ensuring all your affairs are in order – that includes paying outstanding bills, notifying banks and other tasks relating to your estate. Being able to nominate executors means you can choose people who you believe are honest and trustworthy (they don’t have to be family).
- Make gifts and donations
A will allows you to make gifts and donations that reflect your values and interests. Furthermore, estate tax is waived on gifts up to a value of $13,000.
- Disinherit people who would otherwise have inherited
Many people fail to realise that they can use a will to exclude people they don’t want in their will. This means inheritance only goes to those that you elect.
- Reduce the amount of Estate Tax paid
A will can help reduce taxation on your estate. This happens as gifts and donations reduce that value eligible for estate tax, meaning less tax is paid in total.
If you are interested in having a will drafted for you or just want some more information, feel free to contact the friendly team at Greenhalgh Pickard today on (07) 5444 1022 or by email at email@example.com
Top ten reasons to have a will, available at: http://estate.findlaw.com/wills/top-ten-reasons-to-have-a-will.html