Some people believe creating a will is only for older individuals or people with a lot of wealth. However, this isn’t the case.
In fact, it’s more important than ever before to have a will and estate plan in place than ever before. If you aren’t sure if creating a will is something you should do now, keep reading to find out why it’s so important.
Ensure your assets go where you want
With no will or estate plan, there’s no way to know where you want your assets to go after you pass. If you die without these documents, the court appoints an executor for your estate. This person makes the decisions regarding your money and assets and how they are distributed. The chances are that the person appointed won’t be who you would choose to handle this.
Name guardians for your children
If you have children under the age of 18 and something happens to you and their other parent, it’s important to have designated a guardian. If no will or estate plan is created, the court will make this decision, too.
Avoid legal fees and significant taxes
If funds are transferred to your spouse, there aren’t taxes applied. However, if money is distributed to your children, siblings, grandchildren or someone else, then taxes are applied to the situation. When you create a will or estate plan, you can avoid some of these fees.
Protect your family and assets with a will
Having a will is an important step to take. However, you shouldn’t stop there. Creating an entire estate plan will ensure your assets are distributed based on your wishes and that there won’t be any stress or hassle put on your family related to these matters.