Very few, if any, of us like to think about death. Instead, we want to focus on the life that we’re living, putting our full effort into living in the moment. Yet, death will find us all. Although we don’t have control over that fact, we can control what will happen to our assets upon our passing. Estate planning can not only provide an individual with peace of mind, but it can also ensure that his or her beneficiaries receive what he or she wants them to receive without the matter being contested in court.
One effective piece of estate planning is the creation of a will. There are a number of reasons one should consider drafting this legal document. First, it allows an individual to decide how his or her estate will be divided upon death, which can eliminate the potential for familial fighting down the road. Second, a will can announce who will care for one’s children upon his or her death. Without a will in place, a judge will be left to decide this important role.
The benefits don’t stop there, though. For example, a will can reduce the amount of estate taxes paid upon death, as well making gifts to individuals and charities. Another advantage to a will is that it allows an individual to disinherit those they do not wish to receive a part of their estate.
Some individuals may put off creating a will for fear of how final it seems. Yet, the fact of the matter is that a will can be modified at any time. Since no one knows for certain when their time will come, it is often wise to create a will as soon as possible. Drafting it clearly is imperative, as failing to do so could result in unintended consequences. Therefore, those who are thinking about their estate planning and creating a will as part of that may want to discuss the matter with an attorney of their choosing.