The Importance of Making a Will
Making your own will is a necessary chore if you’re planning to leave behind wealth or assets to your loved family members or friends. If someone passes away unexpectedly without making a will, that person’s estate can be distributed amongst who the state feels is necessary; like an estranged family member or even worse themselves! There is a law in place that grants estate taxes to devour a portion of the fortune that was left behind. With making a will, you can at least reduce the amount of money the government will take for taxes and give more to desired parties.
Deciding who gets your precious belongings after you pass on is a benefit that should be utilized. According to each state, there are laws placed that can determine the movement of your assets; like money, estates, and other fortunes. Usually, the state will decide that the closest relatives deserve your property. If you want the power to decide, making a will gives you the opportunity to name an executor. This executor acts as a personal representative that will take on the task of moving around your estate. If you don’t have kids, this can actually be one of the last steps to take care of when writing a will. If you do have children, then it’s necessary to then name a guardian for your children that will take the place as a provider. If a will isn’t written or the children weren’t mentioned in it then the court will then decide the placement of the children. This is the same for any pets that will be left behind after your passing. To name a new care provider and efficient funds for the care of that pet is something that can be done in making a will.
In a will it’s also important to make sure that the people who you are granted your property are managing it properly. Most people will name a property manager in their will which can help when your children are left with property that has to be managed by an adult. But alternatively, in the will you’re also able to name a property manager that will take care of the property if you don’t choose to name a new owner.
All in all, it is in anyone’s best interest to make a will. Even if there is a living trust in place, a back-up will is still imperative in the event of a living trust not covering all property that is intended to distribute.
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