What Is a Will?
When you want to be sure that you will be able to have control of the way that your estate is distributed after your death, it is essential to have a written will. A will benefits your family in a number of ways – preventing legal battles, financial fights and even damages to the relationships between your children and other relatives.
Most importantly, however, a will is the document that allows you to designate an executor, to name guardians for minor children and to identify the way in which your assets will be distributed. For those who are unmarried or who don’t have children, having a will creates the opportunity to identify the friends or charitable organizations that will be your beneficiaries.
Who Needs a Will?
Ultimately, everyone needs a will. Whether you simply want to indicate your wishes or you want to be sure that your children and other dependents are cared for, without a will the distribution of your assets will be determined by the laws of your state.
What Are the Benefits of Having a Will?
Having a will can give you peace of mind, can ensure that your children and spouse will be taken care of and is the only way in which you will be able to identify the way in which you wish your assets to be distributed.
Amending Your Will
In order to make sure that your will – and other parts of your estate plan – are up to date, you will want to review your will periodically to ensure that everything is in order, especially in the following circumstances:
- Tax laws change.
- You get married or divorced or there is another change to your marital status.
- You’ve had another child or a grandchild is born.
- You’ve won the lottery or changed jobs or there has been another event that impacts your net worth.
- You relocate to another state (so that you can verify that your will remains legal).
- Other life circumstances change.
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