6 Benefits Of Creating A Will
Nobody wants to think about their death, but death is inevitable. Fortunately, you can still control the management and distribution of your assets and finances after your death. The best way to do that is to prepare a will. Here are the benefits of preparing a will.
1. Control the Distribution of Your Assets
The primary purpose of a will is to determine how your assets will be distributed after your death. You can choose certain people to receive all your assets or one person to inherit everything. Without a will, the court will determine how to divide the assets according to your state’s laws. As a result, people who you never wanted to benefit from you can inherit your belongings, while some of your loved ones won’t receive anything.
2. Gift Your Possessions and Money
You may own valuable jewelry, antique furniture, family heirlooms, and other items of sentimental value. You will want these precious items to go to a close family member or a valued friend. Specify this in the will and offer the gifts in the form of a bequest or create specific instructions.
A will also allow you to give gifts of money to specific people or institutions. As a result, you can ensure your life’s work is remembered or leaves a legacy.
3. Appoint Guardians for Your Children
You may worry about how your children will be taken care of after your death. If you have young children, you can appoint a guardian who will act as the children’s parents when you are gone and specify that guardian in your will. Before including the guardian in the will, consult them and get their permission.
4. Choose the Administrator of Your Estate
If you don’t have a will, the courts must appoint an administrator to divide your assets and it may not be the person you prefer. With a will, you get to choose who will be the Executor or Personal Representative to administer your estate.
5. Take Care of Your Pets
The law considers pets to be property, so you can’t leave any assets or money for your beloved pet. However, you can use your will to provide a home and basic needs for your pets when you are gone. For example, you can name the person who will inherit and care for your pet. You can also leave money for that person to care for your pet.
6. Reduce Taxes
When you prepare a will early enough, you will have enough time to explore various estate planning structures. Different estate planning structures have different tax benefits, and you may find one that reduces taxes that your beneficiaries might have to pay.
Drafting a will looks simple, but people often make mistakes. Crews Law Offices is a family and estate planning attorney based in South Carolina and Georgia that can help you draft your will. Contact us now to get started.