Many people joke that they don’t have enough money to make a will or simply don’t see the point. The problem is that even with a will, things can be complicated – so having one prepared is essential.
Have conversations with people ahead of time so that people are aware of what you will have in your will or so that you can carry out the wishes of others.
Here are a couple of reasons you need a will:
Who
One of the most obvious reasons to get a will is so that people know who gets what when the time comes. If you or your loved one has some heirlooms that should go to someone specific, then the will can ensure that happens. The executor of the will ensure that everything is carried out in the right order, with the help of probate, and if required, work with a probate litigation attorney to get a fair outcome for all.
Executor
Perhaps one of the biggest responsibilities will go to someone you or your loved ones trust to do the right thing. The executor will be outlined in the will and ensure that the will is carried out.
If there is no executor, some places will appoint to the job, which might not be in the best interest of the deceased.
Property Manager
Where there is property, a property manager can ensure that it is taken care of until such a point that the children can take it into their name. When leaving property to children under 18, you can outline how the property should be taken care of, by whom, and until what point. This can also happen with properties that are not left to children.
Living Will Back up
If you have a living trust and are hoping that is enough and that you do not need to outline your wishes, this is incorrect. The will offers a backup that will mean your money, property, valuables, and more will go to the right people.
In some cases, the living trust doesn’t cover things like property transfer, and what that means, the will can rectify it – with the right legal support.
Pets
If your lifelong buddy doesn’t have anywhere to go outlined in the will, people often argue over them. Since they are a living reminder of the deceased, this can be difficult. Not to mention the emotional impact on the pet. It’s not just the pet, though; money can be left to help take care of it too. Estate planning for pets is just as important when all of the other considerations happen.
Guardian
It is not something we like to think about, but it is important when there are young children in the home that they would be taken care of by the best people. A will allows you to choose where your children will go. Where the is no will with guardians outlined, the courts will decide where the children will go.
When there is a plan, it can help people to sort through the paperwork quickly and move to grieve: Three Ways To Move On From A Low Point – Danielle N The City.
