54% of US adults don’t have a legal will, and they claim that they don’t need one at the moment.
These people argue that they’re still too young to start estate planning. Others say they don’t have any valuable assets, so hiring an estate planning attorney is a waste of money. Sadly, these excuses only make things hard for the dependents of these people.
Still doubtful about the importance of estate planning?
Keep reading to see three top reasons you need a legal will.
1. Smoothen the Assets Transfer Process
Things tend to get messy when a person dies without a legal will. The dependents fight over the assets, and it takes years before the probate court can make a ruling. To protect your family from these wrangles, start estate planning early. The best thing is to write your will using will writing kits.
You want to ensure the probate lawyer your dependents hire will have an easy time executing your will. The reason is that the legal will state clearly what each of your beneficiaries should get. The attorney’s work is only to ensure that your last wishes and instructions are followed during assets sharing.
2. Decide Who Will Manage Your Estate and Assets
Although you intend your kids or spouse to own your estate when you’re gone, you may feel they’re not capable of managing it. For example, you may fear that they’ll squander your business assets in your absence. That’s why you need to appoint an expert to manage your assets.
Writing a will allows you to communicate this desire. Besides, when you’re still alive, it’s easy to search for trustworthy people to manage your assets when you’re gone. So, even though your business is small now, it’s easy to start planning early who’ll manage it when you die.
3. Appoint Guardians
Without a will, the court will have a hard time appointing a guardian for your minor kids when you die. This process will take several months as your kids will have to live in a foster home in many instances. That’s why as a caring parent, you need to appoint a guardian when you’re still alive.
The great thing about writing a will is that there is a guardianship clause to fill. So, you and your spouse are “forced” to start thinking of who will take care of your minor kids if both of you die. You want to ensure you pick a caring person who you can trust to look after your children when you’re gone.
Besides, by picking a guardian early, you give them a chance to interact with your kids and get to know them.
Protect Your Family by Having a Legal Will
No one knows when they’ll die, and that’s why you need to be prepared. To ensure your family knows your last wishes have a legal will. The goal is to have a document that communicates your instructions on assets sharing and management.
To ensure that your will is legally abiding, seek the help of a licensed estate planning attorney.