Why You Should Have a Will
If you own a large estate, then is it important that you have a legally binding will. If you don’t have one and you die, your estate will be administered by a designated state court according to the law and not according to your wishes. Estate owners should find it important to write a legally binding will for the benefits given below.
Having a will is very important. It is not difficult to make a legally binding last will and testament as most people see it. One good thing about having a will is that you don’t let your loved ones have a stressful experience facing the probate courts. Without a will, it is not you who will decide where your assets will go but the state rules. It will not be your final wishes that will decide it. Below you will find some of the benefits of having a legally binding will.
When you die, you can appoint an executor of your estate and include it in your will. An executor of your estate is a person who is honest and trustworthy and not necessarily a member of your family. He is responsible for getting an inventory of your assets and property. He makes sure that all debts and . taxes are paid. Your assets will be dispensed by your executors and banks and creditors are informed of your death. In the probate court, it is your executor who guides through your estate. Although a probate court is the one that dispenses all assets, having a will will make the process a much simpler one. In case of the absence of an executor, then the state will appoint one for you.
Portions of your estate will be distributed by the state if there is no legally binding will. Oral wills spoken in front of witnesses or holographic wills drawn without the presence of witnesses, do not have legal bearing in court. If you really want to leave your estate to the people you intend to have it, then you need to formally prepare one which is signed by two or three witnesses. Intestacy laws are different in every state. But, if there is no legal will, the immediate family is usually given the deceased’s assets. If there is no immediate family remaining, then the assets are dispersed between the siblings and their children, or the grandparents, or your uncles and aunts and their children.
If you have young children, then it is important to have a will. This will establish who the children’s guardian would be if you and your spouse die prematurely. Without a will, the decision is left to the state. It is important to write a will so that if you want all your estate to go to your children, then this will surely happen.
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