Have you ever wondered whether or not you need a will? It’s a very simple answer to this question; Because if you have assets the answer is yes. Almost everybody owns something of some kind, whether it be a house, a car, electronics or belongings. That means that you will need to have a will. You don’t have to have substantial assets or banks full of money for it to make sense to need one.
You could simply just have a family. There are plenty of disputes over assets that happened after death, even those that don’t have as much financial worth as others. These can be very costly disputes, and where you may need an EIN for irrevocable trust after death of a grantor. It’s important that you have a valid will in place, and our contributor has listed some of the most important reasons for it below.
- So that you get your wishes. No matter what your wishes are, you want to ensure that your assets are dealt with in accordance with them. The things that you have accumulated in life will be passed to others in death, and if you don’t want them to go to the government and you don’t want anybody else to benefit from them bar some specific people, you need to ensure that you have those wishes in place.
- You can give a gift. If you want all of your estate to go to your children equally, you can do this in your will. It’s important that you nominate individuals who will receive all of your assets when you die, and after you have passed, a meeting will be held in which those assets and those wishes are read out loud. You can nominate particular beneficiaries, too, in case there are specific items of jewelry or other property or money that you would like them to receive.
- You will detail your burial instructions. If you don’t have a will, you cannot lay out what you would like to do when you die. Do you want to be buried or cremated? Do you want to be blessed and make a fuss off or would you like it to be a low-key affair. You can take the pain out of the situation from your family by making sure that you have all of these things in place as early as possible.
- You minimize your risks. We talked about your estate going to the government and it doesn’t have to be that way. If your state is not dealt with properly in your will, then it won’t be dealt with in accordance with the laws of intestacy. This will apply if you die without one. what is there to protect you and cover you in all accordance is in all instances.
- You can appoint guardians for children in your will. If you have specific guardians in mind for your children, your will is there to make sure that happens. You will be able to detail who you would like to take your children after you die.