Why It’s Important to Write a Will

15
June

Writing a will is a step that many people overlook when it comes to planning out their financial lives. Estate planning in general and creating a will specifically are some of the most important things that you can do. If you want to make sure that your loved ones are taken care of and that your property is distributed in an equitable manner, you need to write a will as soon as possible.

Provide for Your Loved Ones

If you want to make sure that your loved ones are provided for after you are gone, writing a will is an essential step. Once you write a will, there will be no question about how the probate court should divide up your assets. If you do not write a will, the local probate judge will be the one to determine how your assets are distributed. The probate court will use state laws to determine how your assets are distributed. In some cases, this may not coincide with how you would have distributed your assets on your own. For example, in many states, when you pass away, some of your estate will go to your parents if they are still alive, even if your spouse is alive. You may have wanted to leave all of your possessions to your spouse or to a particular child. If you don’t take the time to create a will, you are going to be leaving everything up to chance. One of your loved ones may not get what he deserves in this situation.

Making Sure Kids Are Taken Care Of

Another reason that you should create a will is so that you can make sure that your children are taken care of. If you have kids that are still considered to be minors according to your state’s laws, you need to name a guardian for them if you pass away. Without creating a will, you will not be able to name a legal guardian for your kids. If you die without a will, your kids would be taken into custody by the state in which you live. Then a judge will determine where the best place to put your kids is. This completely takes away any input that you would have had in the process of where your kids end up. For example, the court may decide to put your kids in the foster home system. The judge may decide to put your kids with your parents, even though you would have preferred to get legal custody of your kids to a close family friend who is closer to your age.

Eliminate Disputes

In some cases, creating a will can help you eliminate any disputes before they begin. If you do not have a will and you have a sizable estate, your family may end up fighting over how the assets are distributed. For example, one child may want to take over the family business while another one wants your house. If you don’t have a will, your kids will have to fight this out in probate court and the judge will ultimately make the decision as to how the assets are distributed. This has been known to tear families apart and permanently damage relationships within them. If you want to make sure that all of this drama is completely avoided, you can create a simple will.

If you don’t know how to create a will, there are software programs and online services that will help you do it yourself. You can also hire a lawyer in your area to oversee the process of creating the will.

This post was written by

jason – who has written posts on Budget Clowns.
Father of three and married to a lovely women. Always looking for ways to save money, and invest it properly for my children's future.

Email  • Google + • Twitter

Comments are closed.