None of us like to think about our death. Nevertheless, some thought should be given on that unfortunate event. Our family and friends should not be caught up in a crisis, when we pass away. That your family is clueless about our property is a real prospect. Your pets may not have anyone to provide for them. Your children can be out of their depths, solving your debts. To ensure their financial well being, you need to have a will drawn up these days.
What exactly is a will?
A will is a document with instructions. It gives instructions on what should happen to your property, after you pass away. Through a will, you can do a lot of stuff. You can name guardians for your children. You can provide for your pet animals. You can instruct on how to pay your taxes and debts. An executive ensures your will is probated through court. Debts and taxes are paid, and any remaining property is distributed as per your wishes. Since the probate is public, you can be sure your wishes are taken care of.
Current scenario in the U.S.
As a well-to-do parent in the U.S. you are likelier to have a multitude of assets. Typically it comprises of a house at the burbs, condo at the beach and some savings. Your children won’t be aware about each one. More than half the parents do not have a will.
Wills understand you better
If you pass away without a will, the state decides who receives the assets which you once owned. The rules of the state dictate who gets your assets, which may be undesirable on account of a family conflict. A will helps you, rather the government to control the assets. Only a will can help others understand what you intend even after you passed away.
Stop with your assumptions
DIY kits are not recommended and it is not devoid of pitfalls. Do not assume that the stipulations for married and unmarried couples are one and the same. If you live with your unmarried partner and don’t leave a will, your assets may pass directly to your closest blood relatives. Even if you are married, don’t assume you will get everything.
Getting your will drawn right
Work with a lawyer to make sure, your will is structured properly. It should be valid and enforceable. When your children are minors, a guardian has to be named. Name all your assets and mention where they are. Decide who receives these assets and when. Appoint an executor to carry out instructions, word by word.