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Read MoreTop 10 Reasons Why You Need a Will
If you don’t have a will when you die, you are said to have died “intestate.” This means that the state in which you live will decide how to distribute your assets. If you have young children, the state will also decide who will care for them.
A will gives you the power to decide what happens to your assets and your minor children when you die. If you die without a will, state law will determine how your assets are distributed and who will care for your children.
Here are the top 10 reasons why you need a will:- To Decide Who Gets Your Assets – If you don’t have a will, the state will decide who gets your assets. A will allows you to decide who gets your house, your car, your bank accounts, and other property.
- To Decide Who Will Care for Your Children – If you have young children, a will allows you to decide who will care for them if you die. If you don’t have a will, the state will decide who will care for your children.
- To Avoid Family fighting – If you don’t have a will, your family may fight over your assets. A will can help avoid family fighting by clearly stating who gets what.
- To Save on Estate Taxes – A will can help your family save on estate taxes. Estate taxes are taxes that are due on your property when you die.
- To Avoid Probate – Probate is the legal process of distributing your assets after you die. If you have a will, your assets can be distributed without going through probate. This can save your family time and money.
- To Appoint an Executor – An executor is the person who carries out your wishes after you die. If you don’t have a will, the court will appoint an executor.
- To Make Gifts – A will allows you to make gifts to charities or other individuals.
- To Protect Your Privacy – If you die without a will, your financial information will become public record. A will allows you to keep your financial information private.
- To Give Your Family peace of mind – Knowing that you have a will can give your family peace of mind. They will know that your wishes will be carried out after you die.
A will is an important document that everyone should have. A will gives you the power to decide what happens to your assets and your minor children when you die. If you don’t have a will, the state will decide how to distribute your assets and who will care for your children.