Estate planning is the legal process of drafting documents that reflect your wishes should you become incapacitated or pass away. While there are numerous estate planning tools, a will is one of the main components of any estate plan.
What are the key functions of a will?
Deciding who will inherit your assets
When a person dies without a will, they are said to die intestate. Consequently, their assets are divided among legal heirs according to the intestacy laws of the state. In reality, how the court distributes assets intestate may not fall in line with the wishes of the deceased individual.
By drafting a will, the testator can name specific beneficiaries who will inherit assets. The testator can also name an executor to ensure that their final wishes are carried out appropriately.
Guardians for young children
While a will largely deals with asset distribution, there is much more to it than that. Guardians can also be named in a will. These are people who can look after vulnerable family members, such as children, in the event that something unexpected happens.
The main benefit of having a will is that it provides clarity. Not only does this help ensure that your final wishes are honored, but it reduces the chances of probate disputes, which can create lasting rifts among family members.
If you haven’t gotten around to drafting your will, then today is a good time to start. It’s never too late or too early to initiate your estate plan. The more legal information you have, the more confident you will feel about implementing the appropriate estate planning tools.