Having a will is not just about protecting your assets and having your legal matters in order; it gives you the chance to ensure a comfortable life for your loved ones and have a say in how your assets are handled even after your death. To put it simply, a will is precisely as important as it’s shown in overly dramatic movie scenes.
Without a will, things can go haywire for your family pretty quickly after you die. A will gives them the legal protection they need while your estate is being sorted through.
Here are a few crucial ways in which a will helps.
You Can Decide Who Ends Up with What Including Your Children
Wills are legally binding, which essentially means whatever you write down in a will is the law (as long as it’s not against the state law). So firstly, a will can outline who gets which part of your estate. Without a will, your least favorite sibling could end up with your favorite beach house.
Secondly, if you have small children, you can also state who will have their custody in case the other parent is also unavailable. In the absence of a will, your children would end up with a state-appointed guardian upon your death, which may not be in their best interests.
It Helps to Avoid A Lengthy Probate
A probate process is primarily a process designed to assess the legality and authenticity of a will. Needless to say, without the said will, the process would become inexplicably longer. So, it’s definitely a good idea to have a will ready to speed up this process.
Additionally, it’s worth keeping in mind that in the absence of a will, the probate court will decide how the estate will be divided, which could not only involve decisions against your wishes, but it would also take much longer.
It Will Give You the Chance to Pick an Executor
Just formulating the will is not enough. Since you’re no longer in the picture, somebody you trust needs to execute your will, i.e., an “executor.” This person who may or may not be a blood relation will be responsible for winding up your estate and all the legal matters connected to it.
From liquidating assets to paying debts and closing accounts, the executor has a lot on their plate. So, you’d want to choose someone who you have complete faith in and someone who can handle the responsibility. Not mentioning the person in your will, would give the court a chance to pick an executor for you, which may not be for the best.
Clearly, a will is too important a document to be ignored. If you haven’t started on one yet, it’s time to contact an estate planning lawyer in Reno who can help you sort out a will.