A will is a document that spells out how you want your assets divided after you die.
While that may not sound like the most pleasant thing to think about, it’s important to have a will in place so that your final wishes are carried out and your loved ones are taken care of.
Here are the top ten benefits of writing a will.
1. Choose who gets your stuff
If you don’t have a will, the state will determine who gets your assets after you die.
However, if you have a will, you get to decide who gets what.
For example, you may want to leave your house to your children and your art collection to your niece.
2. Guardian for minor children
Do you have minor children?
It’s important to appoint a guardian in your will so that there’s no question about who will care for them if something happens to you.
Without a will, the court will decide who gets custody of your children, which can be a long and stressful process for everyone involved.
3. Loved ones will have an easier time
Your loved ones will have to go through the probate process, which can be time-consuming and expensive if you don’t have a will.
However, if you have a will in place, your loved ones can avoid probate because the court will already have instructions on how to settle your estate.
4. Avoid family fights
It is possible that your loved ones may start fighting over your assets after you die.
You can avoid this by specifically stating who gets what.
This can help to prevent hard feelings and arguments among your loved ones.
5. Designate a trustee for minor children
While leaving an inheritance for your minor children, you can designate a trustee in your will to manage the funds until they reach adulthood.
This ensures that the money is used for its intended purpose and that your children are taken care of financially.
6. Make charitable donations
If you have a favorite charity that you would like to support, you can include a provision in your will for a charitable donation.
This is a great way to leave a lasting legacy and make a difference in the world.
7. Executor for your estate
An executor is a person who is responsible for carrying out your final wishes.
By naming an executor in your will, you can ensure that your estate is handled the way you want it to be.
8. Stipulate how debts should be paid
If you have outstanding debts, you can stipulate in your will how you want them to be paid off after you die.
It will help to prevent your loved ones from having to deal with your debts after you’re gone.
9. Make funeral and burial arrangements
Do you have specific wishes for your funeral and burial?
You can make them known in your will.
It takes a burden off of your loved ones and ensures that your final wishes are carried out.
10. Change your will at any time
You can make changes to your will at any time.
This allows you to keep your will up-to-date as your life circumstances change.
Conclusion
As you can see, there are many benefits to writing a will.
If you don’t have a will, now is the time to create one.
But if you already have a will, be sure to review it periodically to make sure that it still reflects your wishes.