It's important that your loved ones receive the financial assets you leave behind when you die. Creating a last will of testament can make legally binding that this occurs. Regardless if the items you leave behind hold a high monetary value or a sentimental one, you will want to ensure your loved ones are the recipients. Knowing the reasons to create a will may motivate you to get started!
Reason #1: Appoint a guardian
Do you have children in your family? If so, and your kids are underage, you will want to list a person who will be responsible for taking care of your children when you die. This will involve raising the child, providing a home, and taking care of many financial responsibilities, as well.
Reason #2: Specify recipients
If you want your favorite aunt to get the china in your home or a child to receive a certain amount of money, this should be listed in your will.
One of the main reasons that a will is created is to allow friends and family members to get precisely what you want them to have.
Reason #3: Limit family quarrels
By listing who will receive your property and financial assets when you die, you can prevent family feuds from erupting. It's possible there will be arguments amongst your loved ones if you don't create a will and make it legally sound.
Reason #4: Avoid others making decisions
If you don't have a will in place, the state you reside in may be responsible for deciding who receives your assets. This can take time and will make your family members have to wait for the final determination by the state.
Reason #5: Give to a charity
Making a last will of testament will allow you to leave any property or assets to a charity of your choice. For instance, if you are a breast cancer survivor and want to contribute to that organization, you can list this in your last will and testament.
The money you provide to your charity may help others who are dealing with the same issue you may have faced in life.
Finally, being able to leave your estate to family members or friends can allow you to have peace of mind. Be sure to retain the services of an estate attorney, one like Edward G. Foster, who can help you make a last will of testament that will stand up in court.