Death is a terrible part of life that we try to avoid thinking about as much as possible. Whether it’s you or someone close to you, it’s a sad event that changes lives forever.
No one is sure when they are going to die, so it’s essential to prepare legal documents that can help distribute your assets. Most people use a written will for this process.
Anyone can make a will, no matter how much or little money and assets you have. Not sure if you need a will? Then continue reading to learn about the usefulness of this document and how it affects life after death.
What Is a Will?
A last will and testament is a legal document covering how you want your assets to be distributed after you die. Your will appoints an executor, who is a person that ensures your final wishes get carried out.
When people think of wills, property and money are the first things that come to mind. However, a legal will covers much more than that.
A guardian should get appointed if you have children who are minors. Having a will can also help keep estranged family or friends away from your estate.
How Do You Make a Will?
Will creation is not as complicated as other legal documents. To get started, at the minimum, you should:
- Determine a guardian for your minor children, if any
- Name an executor to administer your will
- Cover how you want your assets distributed
Your assets include:
- Personal property
- Real estate
You should also record any debt you may have, such as credit cards or loans. It can prevent hiccups during your asset distribution.
There is plenty of software that can help you create a will on your computer. But if you’re not comfortable making it yourself, you can visit smithbarid.com to get help with your estate planning.
What Happens If You Don’t Have a Will?
Your estate will go to the courts in the absence of a will, who will then distribute your belongings to your relatives. They use a formula to determine which family member gets assets and also who cares for your children.
Usually, the split is equal between your spouse and your children. However, that may negatively impact your surviving spouse, who relied on your assets to live a particular lifestyle.
Your estate may also have a higher tax liability without a will. However, as of 2021, this only applies if it’s worth more than $11 million.
Legal Documents Help Provide Clarity
When you die, it’s essential to have legal documents, like a will, in order. Getting a will written can provide future security for your family by clearly distributing your estate. You can rest easy knowing that your final wishes will get heard.
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