Will and Estate: 4 Benefits of Planning Litigation in Advance
A will is a legal document that outlines the distribution of your estate, grants guardianship of your children and appoints executors to oversee the orderly management of your estate after you pass away. Meanwhile, an estate is all the property you own at your death and includes bank accounts, personal property, investments, insurance, and real estate.
In most cases, executing a will and estate is a time-consuming task. Many people avoid creating a will because they think it is a complicated process and impossible to do in a day. Therefore, why is it beneficial to plan the will and estate? Here are some ideas.
1. Easier Asset Distribution
Having a will in place makes it much easier for your spouse and children to sort out your estate when you die. Without a will in place, your estate will usually be divided according to intestacy laws. It means that your assets are distributed to those of your family members who are most closely related to you.
As a result, this can lead to several problems. For example, you may have uncles and aunts estranged from the family, and they may be entitled to a part of the estate. Furthermore, if you have no spouse or children, your assets will go to a person or organization you probably didn’t want to inherit. Therefore, it is easier for your family to handle your estate distribution if you have a will.
2. Protects the Family's Needs
Creating a will in advance allows you to leave assets to those not related to you by blood, or in other words, those not in the order of distribution according to the laws of intestacy. You can tell the executor to use your assets to pay for your children’s education or give money for your grandchildren’s education. Having a will in place allows you to protect the financial needs of your family members. For example, if you want your assets to be used to pay for your children’s healthcare bills, you can include this in your will.
3. Avoids Litigations
There are many horror stories about people fighting over your estate or trying to be the primary beneficiary. People may claim they are the closest family member and must be the first to receive the estate. But having a will eliminates any uncertainty or ambiguity as to who will obtain assets or guardianship of your children.
Therefore, having your will in place helps avoid lengthy and costly litigation over your funds and real estate. Having a choice in place allows you to protect the financial needs of your family members. For example, if you want your assets to be used to pay for your children’s healthcare bills, you can include this in your will.
4. Prevents Family Feuds
One of the worst situations you can experience after you die is seeing your family fighting over your will. If you don’t have a choice, those who are next in line for your property under the laws of intestacy usually will receive your assets. But when the will is created in advance, the distribution of your estate belongs entirely to you. Having a will reduces the likelihood of your family members going to court to fight over who should get your money and property.
In summary, having a will in place is not complicated and doesn’t require much time. As long as you’re mentally stable and in good health, it takes only a few hours to prepare your will. You can create a will by yourself or hire a lawyer to create your will for you.
Hamilton Cahoon is a group of trained and experienced estate planning lawyers ready to help represent clients in legal matters. Our goal is to provide legal advice and assistance for topics related to estate and will plan to ensure a seamless transition of properties to the recognized family members. Allow us to plan the future for you by booking a consultation on our website today.