Planning a succession is something that many people don't look forward to. And who can blame them? Who really wants to think about what will happen to their property after they leave? That, after all, would mean having to admit that they will indeed be gone one day. But estate planning shouldn't be put on the back burner for too long, because you never know when that day may come and you should be ready with at least the most basic tools – the last will.
There are a few good reasons why a will should be high on your estate planning priority list:
1. Decide who gets your assets
This is the most obvious – you need to have a willpower to make sure it's absolutely clear who gets what. Sure, you might not be Bill Gates or Warren Buffet, but even if you don't have a significant amount of assets, if you don't have a clear plan as to who you want to receive them, your heirs may very well end up fighting. in court – and it could get ugly. You might be thinking now that this can't happen because everyone gets along. But heirlooms can make people greedy – especially if the question is what they're getting is open and they believe they have to fight for their fair share. A simple “last will” can resolve this potential mess and ensure a relatively peaceful transition of your property in your absence.
2. Decide who distributes your assets
A will is a great estate planning tool because it not only allows you to determine who gets your property, but it also allows you to decide who is responsible for distributing it. In most states, this person is called the executor. The executor has a very important function as this person works with your lawyer to make sure that all of your assets go where they are intended. It is therefore important to think long and hard about who you want to fill this very important position. Make sure this is someone you can trust and who will be available to take on this responsibility.
3. Decide who is raising your children
People often forget that there is more to estate planning than your financial assets. Making a will also allows you to appoint a guardian for your minor children. It is perhaps an even more critical decision than who gets your money. It has to do with how your children will be raised and what kind of future they will have. As with choosing the executor, it is essential that you appoint a guardian whom you already know would love to take care of your children and who will raise them in a good home, giving them the best possible chances. for a better future.
As always, consult your estate planning attorney for your best legal options.