Planning for the future of your estate after you pass away is incredibly important. Not only does it guarantee that you have a say over where your property ends up, but it can also make the process much easier on the loved ones you leave behind. A will is a key part of estate planning. Many people use it to declare heirs and clear up the remaining debt. Here are the three most important things to know about a will.
1. A Will Is a Legal Document
A will is a document you create that dictates where your assets go after death. Wills are legal documents that can be changed throughout your life depending on circumstance and familial relations. You have complete control over who you want to pass things on to. You can include all of your wishes in a will, such as who you are leaving property to, who you want to receive investments, and if there are any charities you’d like your money to go to.
2. A Will Can Prevent Hassle for Family Members
When you create a will, you are deciding how the state can divide up your assets and who they will go to. Without a document stating this, the courts will need to decide where your property ends up. This can be a long and challenging process that puts loved ones through hoops as they attempt to secure your property in the right hands. By creating a will, you skip the hassle and ensure your assets land exactly where you want. If you are a parent, you can also use a will to assign guardianship of your minor children with someone you trust.
3. Wills Should Have Witnesses
A secure will is harder to challenge if you have a witness there when you sign it. Witnesses can be called when the will is read to ensure it is legal and valid. A will should also be completed in writing to avoid any mix-ups or confusion after death. If you are passing on a large estate, there is a greater risk of squabbling among your beneficiaries. A written will is more difficult for beneficiaries to contest.
An attorney can act as a witness and ensure everything is in order so that no issues arise after your passing. Planning for this part of the future can be difficult, and a lawyer can make it much easier and stress-free. Not to mention, they will be able to answer any of your questions and ensure that you have taken the necessary legal steps when it comes to creating your will.