The importance of a will is something that can’t be understated. A will is a legal document that sets forth your wishes regarding the distribution of assets when you pass. It gives clear direction of what will be distributed, like property, and who receives it. If you do not have a will when the time comes, then your family may have a challenging time battling probate court. Trying to decide who gets what once you pass with no clear direction can lead to tricky situations, especially once the court must make final decisions.
Luckily, this can be avoided with the creation of a will! Not only will it be clear and decisive, but it will also avoid any additional time, money, and energy spent settling affairs. Thinking this far ahead, especially if you are young, may feel like overkill. However, preparing in advance ensures you don’t have to worry about it later when you are juggling health problems as well. Having a will can help provide some comfort for family and friends when the time comes who will feel secure in knowing they are following your wishes.
The Importance of a Will
There is a common misconception that only celebrities, wealthy people, old people, or people with complicated assets should have wills. That is simply not the case. In fact, everyone has equal access to wills and should consider drafting one regardless of their assets. Some benefits of drafting a will, according to Investopedia, include:
- Clear direction of who receives your assets and how much.
- Keep assets out of the hands of people you do not want.
- Clear direction of who will take care of your children.
- Faster and easier time for heirs to receive assets.
- Plan to save estate money on taxes.
Many people also believe wills are expensive. Although this may be true if you enlist an attorney with hourly fees, you can also write your own wills with minimal professional help for a fraction of the cost.
Though you could completely DIY your will, you may accidentally make significant errors, so asking for help from a trained professional like a legal document assistant can offer peace of mind. Having a professional help draft legal documents will ensure that no errors are made.
Types of Wills
There are many types of wills you can create to achieve different results. A will written and signed by the testator but not witnessed is known as a holographic will. These wills are most used when time is short, and witnesses are not available, such as if a person is on their deathbed.
Mutual wills ensure that after one party passes, the remaining party is bound to the terms of the will, as with married couples.
One of the most common types of wills are pour-over wills. These wills are used in conjunction with a trust into which your assets flow. In essence, pour-over wills protect the excess assets that may not be specifically named in your trust.
ProSe Legal Service is Your One-Stop-Shop for Building a Will!
When you will not be around to clarify intentions, estate planning documents become the only way to communicate your wishes. ProSe Legal Service is your one-stop-shop for all your estate planning needs! Whether you need a will, living trust, or health directive, our team of LDAs manage it all! With the right documents in place, you can protect your estate and avoid the delays and expenses of probate. Let our team of professional LDAs manage the heavy lifting for you today!
today or call (909) 224-4361 to schedule your next appointment with our team of professional LDAs!
