Many adults don’t have a will in place, especially when they’re healthy and happy. But an unwelcome surprise can happen at any moment. When it does, it’s crucial to make sure your family is secure in case of your death.
A will is a critical document that explains how your estate will be handled after your passing. More than that, it helps protect your family’s finances and affairs in your absence.
Here are three ways a will protects your loved ones:
A will is a legally binding document that sets out what assets your family members (or other inheritors) will receive or handle after your death. Without a will, your assets may not be distributed as you intended. If you have more than one child or inheritor, a will can prevent painful family disputes over who gets what items.
A will also dictates which parties will be responsible for settling loose ends like canceling credit accounts, paying off outstanding debts and bills, and notifying relevant banks and businesses of your passing. You can name a responsible family member to serve as executor to make sure your intentions are carried out.
If you happen to die while being in charge of a minor child, your will can name who will be responsible for raising them when you’ve passed. Otherwise, the matter will be settled by a court, which may not place your children in the care you want.
Whether the departed has left a will or not, all estates are subject to the probate process. But having a will in place can make this process go a lot more quickly. The court doesn’t have to make decisions about administering your estate on its own, and your family doesn’t have to endure a lengthy stretch of court hearings.
With a will, you name who your executor will be and the beneficiaries who will divide your estate. The court will authenticate your document and allow the executor to begin the distribution process per your instructions.
Planning ahead means the court has to do much less – and your surviving family can spend less money on a Daytona Beach wills lawyer.
The value of your estate will be subject to taxes after you’ve passed, and your inheritors will be the ones liable for paying them out of the estate. But you can put a cap on estate taxes by having a will in place.
If your will outlines what family members, parties, or charities will receive, the overall value of your estate will decrease according to how much you give. That, in turn, will reduce your estate tax, which will ease your survivors’ financial burdens even further.
Without a doubt, having a will securely in place can protect your family’s assets, limit their tax burdens, and speed up the process of probate in Daytona Beach.
Although some people write their will alone, a Daytona Beach wills lawyer is recommended to make sure that the process goes smoothly, and your assets go where you want them to go. When you’re ready to make crucial estate planning decisions, find a qualified probate attorney in Daytona Beach to help you set up your will.