Some people think that only those with considerable assets, such as real estate properties, shares, and stocks, need to plan their estate. Well, the reality is that estate planning isn't all about assets or money. For example, writing a will has many benefits that have nothing to do with money at all. Here are three reasons a will still makes sense for those without considerable assets:
Caring For Your Kids
If you have minor children, then writing a will is one of the best ways of ensuring they will be well-taken care of if you die. You get to choose who will take care of the kids or even say who shouldn't take care of them. If you don't do this, then the court will use its discretion to appoint a guardian for the minors, and they may just end up being somebody you don't want looking after your children.
Preventing Family Squabbles
As much as your family members love one another, you cannot tell how they will behave after your demise. What if they start fighting over your assets? Write a will with clear instructions on what should happen to your assets and children so that your loved ones have no choice but to abide by your orders.
For example, without a will, there is nothing to prevent your parents from fighting with adult children over your personal belongings; they may even go to court for it. What if Uncle Joe and Grandpa both want custody of the kids? Put your wishes down on a will, and you reduce the likelihood of these squabbles happening. So click here for more information on your estate planning.
Disinheriting Some People
Finally, you can use your will to ensure that those you don't want to enjoy your life's labors don't get the chance to do so. For example, under most state's interstate laws, your children are entitled to a part of your estate, even if they are adults by the time of your demise. What if you don't want a child to inherit your assets or have a say in your estate's distribution?
Whatever your reasons for disinheriting your child, you need to put it down clearly in your will. Mentioning it to a spouse or other relatives will not help because the state will not consider their wishes, it is your estate.
As you can see, there are many reasons for writing a will. When you decide to do it, get a lawyer to help you to ensure that every directive is legally binding, so your wishes are carried out per se.Share