It is extremely advantageous to make a will. Various direct and indirect benefits can come from this decision. One should know all of the benefits so that they can make an informed decision when considering this vital process.
You can protect your children
For those with minor children, this is the most important reason to make a will. It is important to stipulate who you would ask to take responsibility for your children if something were to happen to you. You may assume that people know what you want or that there will be a logical place for the children, however family dynamics can be very complicated. Sudden and dramatic custody battles that were never anticipated can occur, and the children may end up with someone different than whom you would prefer. By making a will, you will create the best chance of the children going to the right home. It can also be a way to formally ask someone whether they would take up this duty.
Ensures that the money goes to where you desire
Money can divide families and break bonds. If you have not specifically spelled out in a will how you want your money divided then it may not occur as you desire. People may not know your wishes or they may want to change them. With a will you can create the best chance that what you want will see fruition.
This can also be an important way to protect your children and other people who may not reap their full benefits if other opportunistic relatives try to get a larger slice of the pie than to which they are entitled. Distant relatives may get your money instead of closer loved ones.
The money for your children may not go directly to them. It may even result in the family home being sold to liquidate your assets, which you could have avoided with a will.
It can make for a smoother transition
Even if you are certain that everyone knows your wishes and that they will be carried out, still a will can be beneficial. Some accounts will not automatically transition in the absence of will. Parties may have to go through a longer legal process. They may need to spend money on lawyers to get your estate planned out when a will would have made everything easier and cheaper to process. Laws may apply that a will would have safeguarded you against.
Safeguards relatives of those with a business against debt liability
When you own a business, a will can safeguard your family against potential financial losses due to debt liability.
Peace of mind
You may worry about your loved ones and estate after you pass away. Knowing that you have a will that spells out your wishes can give you peace of mind. It can assure you that your loved ones will be protected.
The probate court will be able to settle the distribution. Also, there is the possibility of a shortened amount of time for creditors to make claims against the estate. It can also be tax advantageous because you can choose a fiscal year instead of a calendar year when dealing with income tax.
It is extremely important to create a will. It is not too expensive, and there are a variety of lawyers and other services that can help you create this important document. It is also easy to update. Keep a current will to realize all of its benefits.