Life is a mystery as it cannot be predicted when anyone will die which is why it is essential that you draft a will to indicate how you want your properties to be shared. Do not erroneously believe you do not need a will since all of your properties should all go to your next of kin if you pass away without a will.
It may not go the way you anticipate as the courts decide on how your property will be distributed and the outcome may involve sharing your property in a way that is not consistent with your wishes.
Why not draft a will and save your loved ones the hassles of going to court to have your property distributed?
Here are some of the reasons why you should draft a will.
- Decide Who Gets What
When you draft a will, you will have clearly stated how your estate should be distributed – who gets what in your property after your demise. If you pass on without a will, there is no assurance that your intended desires will be carried out accurately.
- Determine Who Will Take Care of Your Minor Children
If not for any other reasons, state clearly who should take care of your underage children. The court will have to determine who will take custody of your children among family members or appoint a state guardian. Your will would ensure that your children are not handed to someone you do not trust in your family to raise your children.
- Prevent a Probate Process
When you draft your will, it will guide the probate courts in distributing your estate unlike when you leave no will behind; the courts will have to brainstorm about the best way to distribute your property, which takes a lot of time and stress for family members.
- Limit Family Disputes
Only in rare circumstances do courts allow the will to be contested. So, when you draft your will, nobody can change your desires through the court. But without a will, the court could give a portion of your property to someone who should not benefit from your belongings; the family may start contesting the decision of the court. Draft a will and avoid possible troubles altogether.
- Reduce Estate Taxes
When you draft your will, you can reduce the estate taxes that have been paid on your estate. The value of the property given to family members or charity will cause the value of your estate taxes to be minimal when it is time to pay the taxes.
It is highly advisable that you consult with both a financial advisor and a lawyer that specializes in drafting wills to ensure all areas of concern are addressed.