Have you had estate planning on your to do list for a long time and somehow it keeps getting bumped by seemingly more pressing matters? Do you think about creating a will but have consistently put it off? Well, creating a will is not necessarily something a person looks forward to. It involves a tough look at some difficult topics. Creating a will also, however, comes with a variety of significant benefits that far outweigh any excuse you have been using to put it off. Let’s take a look at some of the many benefits of preparing a will.
What are the Benefits of Preparing a Will?
When people think of a will, they usually think of who they want to inherit from their estate. It’s true, this is often a big part of establishing a will. With a will, you get to set forth who will inherit specific things from you after you pass away. This can include big assets like real estate. It can also include things that have great personal value to you. Do not disregard the power that sentimental objects can have for you and your loved ones. With a will in place, you can dictate who will be entrusted with the care and maintenance of those assets you have accumulated over your lifetime. And, what may be equally important in some cases, you are able to disinherit individuals who you may not want to inherit anything from your estate.
Another big benefit of creating a will is the ability to name a guardian for any of your minor children. Yes, that’s right. Your will can be about so much more than asset distribution. You can name a person who will be entrusted with the care of your children should you pass away. This is a huge benefit of preparing a will. Instead of a court making this important decision on your family’s behalf, you are empowered to make the selection yourself and memorialize it in your will.
You can also name the personal representative of your estate in your will. This is the person who will be tasked with the administration and management of your estate. It is an important role and can have powerful implications for how the probate process goes. Probate is already a notoriously cumbersome process. Choosing the right personal representative can make a big difference as to how smooth or rough the process ends up going.
If you have a cause near and dear to your heart, you can also use your will to make gifts and donations to charitable causes. Yes, the giving that occurs in a will is not limited to the inheritances of family members and friends. You can make direct donations to your favorable charities as well.
Estate Planning Attorneys
Do not delay in putting a will and a comprehensive estate plan in place. It is too important to put off and the team at Jones, Gregg, Creehan & Gerace is here to help you on this journey. Contact us today.