There are not many guarantees in life, but there are a few you can bet money on. You will be born, pay taxes and die. In between being born and paying taxes, have you prepared for what will eventually happen to us all? Have you created a will? A will is a document that expresses how one desires for their property and assets, to be handled upon their death. I know most of us think we have time and put off writing will. However, as we all know, tragedies happen all of the time and at the most unexpected time. There are several reasons why having a will is important. Here are five reasons why you should have one.
- Spells out your desires: This is one of the obvious reasons to have a will. Having your desires clearly spelled out should help to prevent grieving loved ones from fighting about who gets your earthly possessions. If you want your cousin Sue to have great grandma Judy’s fur coat, you are able to do that in your will. That way when Cousin Greta tries to take the fur coat, she won’t be able to per the will. You can also place a “no contest” clause in your will, provided your state allows for such a clause. This essentially will disinherit a beneficiary if they attempt to challenge the validity of the will without probable cause.
- Minor children: If you have minor children, a will is the legal way to name a guardian for them. You will also be able to place property and money in a trust for them until they reach an age of maturity.
- Pets: A lot of us have pets, and although they are viewed as family, in the legal world they are viewed as piece of property. In order to prevent Sparky from ending up in a shelter, you can name beneficiary to care for Sparky and have specific instructions on how he should be cared for. Just google the story of Leona Helmsley who left her beloved dog $12 million dollars in her will via a pet trust.
- Business Owner: Do you have a business? Who will get your interest in your business? How would you like your assets divided up? Again, a will is a great way to ensure your business is properly handled upon your death.
- Charitable donations: Is there a cause that you support or would like to support? Your will can serve as a vehicle to leave a donation for the charity of your choice.
These are a few reasons why having a will is important. Tomorrow may not be promised, but having a will is a great way to ensure your loved ones tomorrow is secured.
If you have more questions I do provide virtual legal services that can be found at MooreLegalSolutions.com