When it comes to your estate, you will want to ensure the people you desire inherit it when you are deceased. The most effective way to do this is by creating a last will and testament. Doing so will enable you to list your friends or family members that you want to have your assets and personal belongings. Knowing other reasons to create a will may motivate you to get started on this process.
Reason #1: List your beneficiaries
The best reason for creating a will is to identify who you want to have your assets. You can individually list these people and the amount of money or assets you wish to leave each person and a legal document will be created that must be followed.
Many estate owners have a number of items that hold a high amount of sentimental value and feel it's important to leave these to the right individual who will appreciate the worth of these items the most.
Reason #2: Assign legal guardianship
If you have children, you will want to ensure your kids are taken care of when you die. You can list a guardian who will be in charge of caring for your child once you are deceased.
It is critical to choose a person who you trust and feel will provide a stable environment for your child. Additionally, this should be discussed beforehand with this individual to ensure it is an agreeable situation.
Reason #3: Continue the family business
If you own a business and keep it in the family, it's important to create a will that will continue to help the business thrive and be successful. Studies show that 70% of businesses of this type fail within the first generation due to a lack of estate planning.
Reason #4: Provide for charities
Are you a cancer survivor or have you been diagnosed with a serious illness in the past? If so, you may want to give money to an organization of this type to help with future research. You can easily designate in your will the amount of money you choose to leave to your favorite charity with ease.
Finally, it's important to take the time to create a will to make the lives of others in your life less complicated. Be sure to consult with an estate attorney, such as Auton-Beck Betty A Professional Law Corporation, who can guide you through the process of creating this important document.