A last will and testament is a legal document that lets you decide what happens with your estate after you die.
When you die without a will, you leave important decisions up to a local court and your state’s laws. You won’t have a say in who receives your property and other assets (including your pets). Not having a will can make it more difficult for your loved ones after you pass away.
1. Save time, money, and stress for your loved ones.
Most estates have to go through probate court to start the legal process overseeing the distribution of assets. But when you don’t have a will, this court process — known as intestate administration — can get complicated. Without a will, the court must choose someone to administer your estate. This can be time-consuming, expensive, and even contentious for your loved ones.
2. Determine who will manage your estate.
Deciding who will handle your estate is a great reason to have a will. This person is called your executor and will be in charge of wrapping up all your affairs.
Being an executor is an important job. Their responsibilities include closing financial accounts, liquidating assets, settling debts, and communicating with your family and others listed in your will.
You should choose someone who is capable and who you trust to carry out these activities. If you don’t choose an executor in your will, the court will pick one for you — and it may not be the person you’d want, or the person best suited to handle the job.
3. Decide who gets your assets and property.
Most people know that a will lets them decide who will get their property. When you write your will, you can name people as beneficiaries for specific assets. When your executor handles your will, they’re in charge of distributing these assets according to your instructions.
You can also name beneficiaries for any property that you don’t specifically list in your will. This is called the “residuary” of your estate.
Making a will ensures your property goes to the people you choose — friends, family, or otherwise. Without one, the state decides who gets your things based on intestate laws, which may not reflect your wishes.
4. Provide a home for your pets.
Owning a pet is a great reason to have a will. With a will, you can nominate a pet guardian who will care for your pet after you die.
The law considers pets to be property, so you can’t leave any assets to your pet in your will. But by naming a guardian for your pet, you can leave them with a trusted friend, family member, or even a humane organization. In your will, you can provide instructions for your pet’s care and even set aside funds to support the person carrying them out.
5. Reduce the potential for family disputes.
Protecting your family’s peace is an important reason to have a will.
When you die without a will, your family has to guess what your final wishes were. And chances are, they won’t always agree. This ambiguity can create friction, fights, and heartache that can last a lifetime. By creating a will, you can eliminate the guesswork, prevent disputes, and give your loved ones the peace of mind that they understand your wishes.
6. Support your favorite causes and leave a legacy.
Many people want to leave a positive impact on the world after they pass. And a great way to do this is to support the charities or causes you love most. When you write a will, you can preserve your legacy by leaving a part of your estate to a charity.
7. It’s easy to do.
Many people think making a will is a complicated, expensive legal process. In reality, with today’s technology, it’s never been easier to make a will. There are dozens of online and offline resources to help you make a will (here’s a comparison of six will-making options and their prices).
Source: FreeWill