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Do you currently have a will? If you don’t, then you should really think about getting one. No matter how much or how few assets you have, it`s important to have a will prepared. Below we are going to discuss some of the most important reasons to have a will.
You Will Avoid Legal Challenges
If you pass away and you do not have a will, someone unexpected may end up with your assets. For example, a man died without making a will and his father, whom he had never met, ended up with over a million dollars. Having a will helps to prevent this type of event from happening and your assets will go to the person or people that you choose.
It May Minimize Estate Taxes
If you are worried about your loved ones having to pay extreme amounts of estate taxes, a will can help. By giving away property and other assets in your will, it will reduce the total value of your estate. This means that your loved ones will have to pay fewer taxes.
It Can Help Reduce Probate Time
No matter if you have a will or not, your estate will have to go through a probate process. However, if you do have a will, it can speed up that process. This means that your loved ones will be able to receive their money and other assets much faster. If you have many final expenses to be cared for, you will want this process to be handled as soon as possible. In some cases, when there is no will present at the time of death, the probation process could take years. For the sake of your family and loved ones, this is something you want to avoid.
You Can Make Donations and Gifts
If you have a will in place, you can choose to donate money to charity or give it as a gift to your friends or family members. This can be a great way to help others and it will also reduce the amount of estate taxes your family will face. Many people choose a favorite charity in their will and leave them with a nice gesture.
It’s Not as Expensive as You May Think
Many people put off making a will because they believe it will cost a lot of money. But the truth is, a will can be prepared for as little as a few hundred dollars or less. If you are on a budget but still want to have a will made out, you can borrow some money from a company like 24Cash.ca. This will give you the money you need to protect your family after you are gone.
You Get to Decide Guardianship
If you have a minor child, you should really think about having a will made. In your will, you can decide who will have guardianship of your child. This is especially important if you are a single parent with full custody. If you don’t make a will, it will be up to the State to decide who gets your child and that can be a scary thought!
You Can Choose Your Executors
If you die without a will, the government will decide who is in charge of your estate. This might not be what you want. On the other hand, having a will made up will allow you to choose who your executors are. This is very important because they will be the people handling your legal issues after you have passed.
You Decide How your Assets are Divided
When someone passes away without a will, it can be a messy situation. It will be very confusing and many family members may feel left out. Instead of letting this happen, your will can dictate how your assets are divided up. When writing your will out, you can give your property to anyone you choose.
You Can Disinherit Individuals
Without a will, your money or property may go to someone you really don’t like! For example, if you have no children or wife, your brother may inherit your estate. If you don’t get along with that brother, you should write a will to prevent him from claiming your hard-earned assets.
Life Is Short
Last but not least, we all have to realize that life is short. While you may live a full and happy life, no one knows when their last days may come. Having a will can help protect your family and make things much easier on them during your passing. So make sure that you have your loved ones in mind when making out your will.
These are some really good examples of why everyone should have a will. Remember, without a will, you may leave behind a messy situation for your loved ones. If you currently don’t have a will, why not make one out today?