3 Benefits of Having a Will in Place

While most people adequately plan and manage their daily affairs, however, many fail to make adequate arrangements related to the distribution of their property after their passing. For example, according to statistics, as much as 60% of Americans have no valid Will in place. A Will is an essential estate planning document every adult should prepare – regardless of their age or the value of their property and assets. In this article, we will cover the most important reasons why you should stop putting off this important matter for later and get around to creating your Will as soon as possible.

1. Wills Are Not Only for the Rich and Wealthy

Not having enough assets is one of the primary reasons individuals mention when asked why they haven’t drafted a Will yet. Still, most people – if not everyone – care who will be given their property if they die, no matter the actual value of the property. Without a valid Will in place, your personal belongings, assets, and other property may end up in the possession of people you didn’t intend them for. By creating a Will, you may ensure that your possessions will be distributed strictly according to your wishes.

2. Wills Minimize Probate

After your passing, before your assets and property find their way to the heirs and beneficiaries, they will have to go through a special distribution process supervised by the court. This process is called probate. Since the probate proceedings can be long, entail additional costs, and be uncomfortable for the surviving family members of a deceased person, most people prefer to minimize or even totally avoid probate. A carefully crafted Will can help you achieve just that.

3. A Will Can Appoint a Guardian for Your Children

If you have underage children, you have another important reason to draft a Will. A Will can regulate the issue of guardianship – that is, who will take care of your minor children in case of your death. Of course, it may be difficult for a parent to imagine someone else raising their beloved child. However, no parent would like to leave the choice in the hands of the court either. Yet, this is exactly what happens if no guardian is specifically appointed by a parent before their death. Therefore, if you have minor children, you should create a Will to name their potential guardian. This will also streamline the appointment process, minimizing the stress on your children in the most difficult time of their lives.

The benefits of having a Will are undeniable and numerous. In this article, we mentioned only the ones that many individuals would find the most important. However, if you would like to learn more about other benefits of creating this document or if you would like to draft your own Will, contact our legal team. The attorneys at Luis E. Barreto & Associates, P.A. will gladly answer all your questions and help you create a Will perfectly suited to your personal circumstances.

Luis E. Barreto