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Planning for what will happen after you pass away is not easy; for many people, estate planning and the creation of a will is something they plan to do “at a later time.” Creating a will can be difficult, but not having one can make things even more difficult for your loved ones after you pass. When you pass away without a will, it’s called intestacy. An intestate estate leaves you vulnerable to other state laws which dictate what happens to your assets. Laws regarding a will vary from state to state and depend on if you were married, single, or had children. There are a few universal benefits, however, that you should consider.
1. The Government Is Not Usually Involved
A will is legally binding and usually defines how your assets are distributed. Your assets can be a savings account, property, business, etc. Having a plan makes the process easier for your family and generally will lessen or even eliminate the need for the government to get involved.
2. Lessen The Burden On Your Family
Managing the financial affairs and assets of a loved one who has passed adds a significant amount of stress to an already extremely difficult situation. Having a will in place that outlines your expectations and wishes can lessen this burden. At the very least, it saves your family that extra time spent in the courtroom for basic decisions such as appointing an executor of the estate. Having a will won’t eliminate the stress on your family, but if done well, it definitely can make the process a little easier for them.
3. You Can Identify Your Minor’s Caregiver
If both parents have passed, having a will can help ensure your children are cared for by the people you have selected. Without a will, a judge may place your children with someone you don’t trust or would not have chosen to care for your children.
These are just a few of the many ways a will can benefit your loved ones when you pass. If you haven’t created a will, or if you have had changes in your life that require an update to your will, there is no better time than now. Join us for one of two Wills Day that Marine FCU is sponsoring to find out how a will can benefit you. We will provide you with access to a trusted attorney, conducting one-on-one sessions preparing your will and answering all of your questions. Find out more information and set up an appointment here.
You can educate yourself on the basics of estate planning from the professionals at Smith Debnam Attorneys At Law. The more you know, the better you can protect your loved ones in your absence.