The Benefits of Having a Will
It is important that you have a will. If you don’t have one and you die, your estate will be administered by a designated state court according to the law and not according to your wishes. Here are some of the reasons why it is important for anyone who owns an estate to have a written will.
It is important to that you have a will. Some people don’t write their wills because they think that it is too complicated, but the contrary is true. You can spare your loved ones from facing the state probate courts if you make your will today. Without a will, it is not you who will decide where your assets will go but the state rules. Whatever your final wishes were, if it is not written legally, it will not be honored. Below you will find some of the benefits of having a legally binding will.
If you pass away, you would want someone that you trust to be the executor of your estate. An executor of your estate is a person who is honest and trustworthy and not necessarily a member of your family. It is the job of the executor to have a proper inventory of all of your assets and your properties. He makes sure that all debts and . taxes are paid. When you die, you executors will dispense all of your assets and it is their duty to inform the executors and bank of your demise. The executor should be present in probate court so that he will be able to guide your estate. Although a probate court is the one that dispenses all assets, having a will will make the process a much simpler one. You will have a state-appointed executor if you don’t appoint anyone for the task.
Portions of your estate will be distributed by the state if there is no legally binding will. Oral wills spoken in front of witnesses or holographic wills drawn without the presence of witnesses, do not have legal bearing in court. If a will is formally prepared, signed by two or three witnesses, then this is the best way to ensure that your estate is left to your intended heirs. Every state has its own intestacy laws. The state awards the estate to the immediate family if there is no will left by the deceased. If you die without an immediate family, then your estate will be distributed to your other close relatives.
The will is important if you die when your children are still young. If you and your spouse die, then your young children will be given a guardian according to your will. In the absence of a will, it is the state that decides who the children’s guardian will be. If you have a large number of assets, then you would want your children to have them when you die and your will should make this intention clear.