How Important Is Your Will
Have you ever thought about what happens after you die? What would happen to your possessions, family, and friends? Will they inherit anything or will it go back to the state?
The law of wills is a legal term referring to the document that states who gets what after someone dies. In other words, it is a written statement that describes how your assets should be distributed after you pass away.
A will is a very important part of estate planning. Without a valid will, your property will be divided according to the laws of intestacy. This means that your property will be shared between your spouse, children, parents, siblings, and other relatives.
If you have a child with special needs it is critically important. It is important that your estate plan, insurance policies, and retirement plans that could bring your child with special needs assets to an amount greater than $2,000, be given to the special needs trust, and not directly to the child with special needs. If a person is receiving government benefits such as Supplemental Security Income, Medicaid, housing, and or food assistance, assets over $2,000 not held in a Special Needs Trust could jeapordize their benefits. Find out more.
An Overview Of How Important Is Your Will
A will is a foundational document in estate planning that outlines your wishes regarding the distribution of your assets after your passing. Its importance cannot be overstated, as it serves several critical purposes that extend far beyond simply dividing your property. Firstly, a will allows you to designate beneficiaries for your assets, ensuring that your possessions go to the individuals or organizations you choose. This aspect is especially crucial for individuals with specific wishes, such as providing for family members, friends, or charitable causes.
Moreover, a will enables you to appoint guardians for minor children, should something happen to you and your co-parent. This ensures that your children are placed in the care of individuals you trust and who share your values and parenting philosophies. Without a will, the decision of who will care for your children could be left to the court, potentially leading to disagreements among family members and uncertainty about your children’s future.
Additionally, a will allows you to name an executor, the individual responsible for managing your estate and ensuring that your wishes are carried out. This executor plays a crucial role in overseeing the distribution of your assets, paying off debts and taxes, and handling any legal proceedings related to your estate. By appointing an executor in your will, you can provide clarity and guidance for the administration of your estate, reducing the burden on your loved ones during an already challenging time. Overall, a will is a fundamental tool for protecting your assets, providing for your loved ones, and ensuring that your wishes are honored long after you’re gone.