(CNBNewsnet)(April 20, 2018)--Writing your will could be one of the most important things you do both for yourself and your family. A will can protect your spouse or partner as well as your children, and it can make having to deal with your estate after you pass away that little bit easier in a difficult time. Although every person’s reasons for writing their will is going to differ, here are some of the reasons why you might decide to do it.
You Stay In Control
Thinking about our mortality isn’t something that many of us enjoy, but writing a will is an important step. Once it’s complete, you can lock it away somewhere safe, not forgetting to let people know that it exists and where it is, of course, and put it to the back of your mind. One of the main reasons that many people choose to write their will is that they can exercise a little control over their assets, even after their death.
If you die without having written a will, then your estate may not be divided up in the way that you would have liked. Unfortunately, simply telling people what you want to happen doesn’t have the same legal impact. Writing a will also reduces the chances of family arguments because everyone can see exactly what you want to happen.
Your Children’s Guardian
When you include who you want to be your children’s guardian in your will you are protecting them should they lose both you and their other parent. Without this information in your will, the court will choose a state-appointed guardian, and it could be someone you would never want to raise your kids. Having a will means that you know your minor children will be cared for by someone you trust and chose.
To Avoid A Long Probate Process
Even if you have written a will, your estate will still have to go through the probate process. Without a will, this can take many months (sometimes even years!) to complete. With a will, the process is reduced drastically. If you want to avoid probate altogether, you should create a living trust.
You Choose Your Executor
The job of an executor is to administer your estate and divide it up however required. An executor must also deal with creditors, canceling credit cards, paying off bills, letting the authorities know that you have passed away, and so on. It is a time consuming and draining (both mentally and emotionally) job which not everyone is able to do. Choosing your own executor means that you can be sure that the person you pick will be happy to execute your will. It’s always a good idea to ask them before you name them, of course!
You Can Leave Money To Charity
If you are passionate about charity and having one in mind that you would like to leave some of your money to, you will need to mention this in your will. The amount can be large or small, and you can write it as a percentage of the estate or as a specific figure. The choice is yours.
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