When it comes to important legal documents, your will is perhaps the most necessary of them all. A will protects you and the people you love in a number of ways. Not having one can threaten your estate and lead to conflict.
There are dozens of reasons to put a will together, but these four are among the top reasons to do so. Here’s a little more about why a will is so important.
1. It helps you reduce estate taxes
To start with, having a will can reduce estate taxes. Remember, the total value of the assets you give away can reduce what your estate is worth, and that means fewer taxes.
2. You can disinherit individuals
If someone stands to gain from your death, having a will that disinherits them is beneficial. If you die without a will, your spouse, parents, children or siblings might inherit your assets against your wishes. Use a will to set up your line of beneficiaries.
3. You can set up guardianship for minor children
If you have small children, then setting up guardianship in the event of your death is necessary. If your spouse is no longer in the picture or your children have no obvious guardian in place, set one up in your will to make sure they’re cared for.
4. You’ll help your loved ones avoid probate
Finally, a will helps your loved ones avoid going to probate to negotiate the distribution of your assets. Probate is a lengthy process, so you should do what you can to help others avoid it during a sad time in their lives.
These are four important reasons to have a will. They’re vital legal documents, and they take only a short time to create.