It is easy to become complacent with things like creating a last will and testament. Besides, we are all going to live to be 100, right? The unfortunate truth of the matter is that if you die without a will, a court will end up deciding your affairs for you. Here are some important reasons for making sure you’re covered early.
If you die intestate (without a will), then specific relatives will receive your property by default. It is even possible that some or all of your property will go to the government if those relatives are no longer living. With a last will you can specify the friends and family you want to leave inheritances to, how much they will get, and on what conditions.
You might assume that your spouse or guardian of choice will automatically get custody of your kids, but this is often far from the truth. Nasty court battles over custody often ensue when a parent dies, and this can cost your family and kids dearly.
That’s right! If you don’t specify who will care for your pets when you are gone, they could end up at the pound. Many people feel burdened having to support someone else’s pe; do not just assume a family member will step up to the plate.
Without a will in place, the court will appoint an administrator to help resolve your affairs. This can cost you up to 10% of everything you own in fees. Furthermore, appointing your own personal representative will help ensure your will is carried out according to your wishes.
Many people choose to create trusts in their wills. These trusts go into effect upon your death and give you great flexibility and control over how your property gets distributed. For instance, you can create a trust that provides for disbursements of funds for the health, education, and support of your children and spouse over a period of years.
If you have remarried and now have a new family, a last will can help make sure that your new family is provided for after you pass away.
In your will you can specify exactly how you want your funeral to take place.
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