A will is a document used to designate the beneficiaries of one's estate, to determine who will manage assets during your senior years if you can’t and to name a final representative for finances and other matters. It is vitally important to plan and execute your will in a very careful and considered manner. If you do not have a will in place, the consequences could become quite complicated and possibly even tragic – and certainly not what you wanted. The Importance of making a will is something that should be made very clear to anyone who is approaching or already involved in, some sort of estate planning or probate proceedings.
You may be asking yourself what exactly the importance of making a will is. There are many answers to this question. In fact, the importance of making a will far outweighs that of making any kind of document or making any kind of trust, as you will see shortly. There are three very real and important reasons why anyone should be making a will.
First, a will has the power to remove many things that would otherwise be irreconcilable in the person's life. For example, it can name a personal representative to handle an estate. This is an important step, and it clearly states in the law that the person making the will is the person that the estate will be under the control of. By removing that agent from the equation, it makes it much more likely that the person will have some measure of financial freedom to enjoy. It is important, however, to make sure that the person is actually capable of making those decisions.
Second, the will has the power to create a trust. A trust is an important part of how people plan their estates and the process of passing on their properties. By creating a trust, there is a much higher chance of avoiding probate and ensuring that assets are protected throughout the process of probate. The importance of making a will never be undermined if one is able to have a will in place that is capable of protecting the estate and ensuring that it does not become a victim of the process.
Third, the will has the ability to appoint a guardian for any minor children or asset that is not intended to be distributed. Anyone who is close to the person making the will is usually appointed as the primary protector of that person's property. If there is a will that allows for another guardian, it is extremely important to ensure that this individual meets all of the criteria. These include having a college degree and having a stable job. There are several reasons why a guardian is so important, and they are all related to property and assets.
When a person passes away, they are, obviously, no longer in possession of all of their property. Many times, assets are divided according to the wishes of the deceased. A will can ensure that debt is paid off and ensures that the remainder of the estate goes to a trusted relative or friend.
The process of probate can be very complicated and lengthy if one doesn’t have a will. The entire process can last up to three months and require that a great deal of money is spent. When someone passes away without leaving a will, the process can become a very complicated and drawn out affair. When a person has the will prepared and executed, the chances of having to go through the process can be alleviated. Everyone wants to make sure that their final wishes are kept and, to this end, it is vitally important to take the time to prepare a will.
Finally, the will has the ability to provide for the desires of the decedent. It can state that any debts owed should be paid off and directs that monies left behind for college education, funeral costs and even estate taxes be distributed as needed. The will is one of the most important documents when it comes to making sure that the decedent's final wishes are met. Anyone can prepare a will but it is important to make sure that it is done correctly in order to avoid problems later on. Anyone who is considering making a will should contact a qualified attorney to make sure that everything is done properly.
Steve Schafer is the founder of TheEulogyWriters and is probably the most prolific eulogy writer (and best) anywhere. He lives in Michigan and has been writing eulogies for well over thirty years. The articles in this blog are designed to help people through the process of losing loved ones.