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A will is a legal document that clearly states assets and investments status upon your death. Without one, the state is responsible for dividing your assets. However, deciding the route of a will usually is not easy for family members. Although unintentional, many typically have their plans on how to handle your possessions after your death. It’s easy to enforce what you want with a will, thus leaving no room for misunderstanding. But here are some reasons why you need a will.
Children’s Guardian
A will lets the parent name a guardian. In that critical timing, your children can have a parent figure that will take care of them. Although it’s hard to imagine a life without them in the present, it’s critical to have a will if the need arises.
Care and Maintenance of Pets
For many people, their pets are like family. However, that is different in law, and a judge can decide that your pets may end up in a shelter, which is not ideal for all parties. A will helps make sure that your pets are taken care of in the same way you did for them.
Tax Implications
Upon your passing, a will protects your loved ones in two ways. The first is that they will not be taxable if you leave the funds as gifts to them. And second, there will be no burden of dealing with estate taxes since you have already addressed the issue. Your dependents will be able to save as much as 40% on federal and state tax with a properly structured estate plan. Contact a will attorney to see how to lessen the tax implications further.
Peace of Mind
Future-proofing investments and assets should also include offering peace of mind to your loved ones. A will is available for the remaining family and loved ones. With it, loved ones can comfortably mourn your loss without the stress of thinking about where to start on your estate. With the guidance of your wishes documented, they can put off the process until they have adequately grieved.
A will is a vital document for everyone to have whether they have dependents or not. It might seem unnecessary when you are young and energetic, but tragedy can occur at any time. With a will, you can live a long and healthy life but always be prepared for the worst. Get in touch with a reputable will attorney to help you draft your wishes before it is too late.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on Twitter and Facebook: @RachelleWilber.
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