Death always comes unannounced. While we can’t prepare enough for what is to happen, we can always ensure our family and loved ones don’t suffer financially after our demise. Preparing a will is arguably one of the best ways to prepare your family for your absence. With a will, you can offer legal protection to your spouse and children as well as spell out how the assets and money would be handled after you.
Since will planning and estate management is a complex task; one should seek help from an estate planning law firm Virginia Beach. If you are contemplating whether or not you should have a will prepared, here are some top reasons to have a will.
Minimise Family Disputes:
You can decide how your assets and estate will be distributed amongst the rest of the family members with a will. A will is a legal document that allows a person to decide how his survivors will handle his wealth and estate after his death. There are instances where a person dies without drawing any will. There is no guarantee that your family will get the intended share of the estate in such a scenario. The chances of family disputes are higher if there is no legal will. With a properly written will, you can minimize any family feud that may arise over the property and assets.
You can ensure your minor children are well-taken care of:
You can determine who will look after your minor children after your demise with an adequately planned will. In situations when there is no valid will, the court may assign a legal guardian from the family or select a state-appointed custodian. Will allows you to choose and appoint the person you think is best suited to raise your children after you are not in their lives anymore.
Avoid probate process:
Probate is a lengthy and complicated process that can be an overwhelming experience for anyone. All estate goes through probate. The probate process is required to determine how an estate will be managed and administered after a person’s death. If you have already drawn a will, the probate court would know how you want your estate and assets divided amongst the surviving members.
Minimise estate tax:
Drawing will also help in minimizing estate taxes. When you give away your wealth to other family members or charity, it reduces your estate’s value. This eventually reduces the estate taxes to be paid.
You can assign a trustee to manage your estate:
With a properly written will, you can determine who will look after your affairs after you are gone. You can assign an individual from your close network to carry out all essential tasks like payment of bills, notifying the bank and other businesses. Executors play a crucial role in determining the proper administration of the estate. Thus, estate planning attorney Virginia Beach advises one to choose someone who they can trust blindly.
Avoid legal complications and challenges:
There are chances that the entire estate or part of it may go to someone who shouldn’t get it in the absence of a legal will.