U.S News reported that more than half of adult Americans do not have a will. Even though most people have heard of a will; they do not have one. This can cause a lot of problems if tragedy strikes, or even if an elderly relative passes away peacefully. A will is a legal document that outlines an individual’s wishes after death, and every adult should have one in place. There are many reasons for this, and here are a few of the most important ones:
Having a Plan for the Children
No one wants to think that they will die in a tragic or sudden accident. Regardless of the amount of precautions a person takes, tragedy can happen. As such, parents need to have a plan in place for what will happen to their children in the event of an untimely death. A will can take care of this by stating who will be responsible for the children. Without a will, a judge will likely decide who will be responsible for the children.
Protect Your Assets
We all know that “you can’t take it with you,” meaning that your possessions do not follow you into death. A will can set up a plan for who will receive your assets after death. You likely want to pass on your belongings to a spouse, children, family members, and friends. Without establishing these bequests in a legal document, your assets will be subject to probate court and intestate succession. An individual dies intestate if he or she does not have a valid will in place. In this case, any possessions will be passed along according to Virginia law, which could differ from what the deceased wants to happen. Make sure that your loved ones receive the assets you want them to by writing a will.
Management of Your Estate
Not only does a will outline who will be receiving the assets from your estate, but it can name a person who will be responsible for overseeing the administration of your estate. Without a will, the probate court will assign a person to oversee the administration. You likely want someone you trust to handle your most precious assets, so make that decision yourself and do not rely on the court system.
Efficiency and Accuracy
Most people do not want to cause chaos after they die. Leaving a will creates the best chance that the administration of your estate will be done efficiently and within your wishes. Additionally, a will can make the process of distributing assets quicker. Probate court can take months and months to complete. Your will can be carried out much more quickly.
The estate planning attorneys at Greg Baker Attorneys at Law, PLLC are here to help you with creating your will. We know that thinking about death is not pleasant, but it is something that we all must consider. Let us help you remove the burden from your family after death by executing a valid will. Contact us today for a free consultation.