When you draw up a legal will, it protects your wishes and is legally binding.
There are many options available for deciding the future of your assets:
- A will
- A living Trust
- Beneficiary Designations
- Joint Ownership
- Transfer on Death Deeds
These are all documents that can coincide with a will, so that your family’s inheritance is protected. Even if you have a trust, you should have a will to protect your estate completely. A will is insurance so that your property is distributed, as it should be, according to your final wishes for distribution of assets owned at death.
Why You Need A Will
It is important to have a will to help those whom you are leaving behind. It is particularly true if you are a parent. The loss of a parent can shake a child’s very foundation – no matter the age. Leaving behind instructions about your wishes will help alleviate stress your children will experience while they are grieving. Also, if your children are still minors, your will can designate whom you want to be responsible for raising your children should they have lost their other parent as well. Without such a designation in your will, a court will decide who raise your children until they reach the age of majority.
There are many scenarios that can be resolved if there is a will. For example, if a parent dies and one child wants the parent’s home to remain owned by the family, but other children think it should be sold, a will can be used to solve this dispute before it even begins.
An estate planning lawyer will make sure your parents’ final wishes, if they have a will, are honored and respected.
If you have put off drafting a will, it can be difficult for your children after your passing to determine what property and personal belongings you wish to delegate and to whom. If you have written a will, these possessions will go to the right person.
Writing a will may seem like something you can put off, but it is important to take care of it now and to make sure it is current, precise and actually happens.
BoneeWeintraub can help you with wills, trusts and estate planning. Contact us today.