Having a will is arguably one of the most important things a person can do for themselves and their families. This document not only protects your spouse, children, and assets, it also explains how you would like to handle important matters when you have passed away.
While each person and case is unique, here are some common reasons to create a will.
Distribute Your Estate
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A will lets you decide on how your estate is handled after your death. Without a will, it’s not certain that your wishes will be carried out. A will helps minimize any type of family fights about your estate that could arise. Essentially, a will allows you to distribute your estate exactly as you desire.
Designate a Guardian
A will also allow you to make an informed decision about who should take care of your minor children. Without a will, the court will take it upon itself to choose among family members or a state-appointed guardian.
Avoid A Lengthy Process
Every estate must go through the probate process, with or without a will. However, a will speeds up the probate process in addition to informing the court on how you would like to divide your estate. Without a will, the court decides how to divide estate without your input.
Minimize Estate Taxes
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Another way a will is useful is in minimizing your estate taxes. When distributing your estate to family or charity, it will reduce the value of the estate when it’s time to pay estate taxes. It just comes to show how useful a will can really be.
Prevent Legal Challenges
If you die before drafting a will, part of or all of your estate may be passed on to someone that you didn’t choose. Just imagine the misallocation of millions of dollars due to the absence of a will. To avoid misunderstanding and potential legal issues, make a will as soon as possible.
As you can see, drafting a will is useful for several reasons. Don’t wait to finish the important task and get at it. If you are ready to draft a will, contact The Fetty Firm today by calling (214) 546-5746. You can also learn more by visiting our