There are actually numerous different parts of estate planning, but arguably, the one basic thing you absolutely should do if you do nothing else would be putting together a last will and testament. This is considered very basic, and it is vitally important no matter your age. If you are unsure of why it is so important, here are a few reasons why everyone needs a will.
You Decide on Things
If you don’t have a will, then you will have absolutely no control over things that happen involving your estate and your belongings. Someone else will make the decisions, and things may not go the way that you would have wanted. By writing out your will, you are in control and you can be as specific as possible. That means you can decide on every little thing and ensure that all of your belongings in the estate go where you want them to.
Your Minor Children Will Be Cared For
If you have children, it becomes even more important that you have a will because this document will discuss what happens with those children. Without a will, the court will determine what happens with your children and that could include a family member or even foster care. Your will should include very specific details on where your children should go and who should take care of them if something happens to you.
This Will Avoid Lengthy Probate for Your Family
When there is no will present, your estate will go through the probate process and that can take a very long time. In fact, it could take years, and that could put a serious financial burden on your family. When you have a will that has been properly drawn up, you can avoid this very long process. Everything will be expedited and this will ensure your whole estate gets completed much quicker, which will save your surviving family members a big headache.
You Can Choose to Disinherit People
Finally, there may be cases when you wish to disinherit people. There could be different reasons for this, but what you must remember is that you won’t be able to do this if you don’t have a will. Without the document, you will have no control over who gets a part of your estate, and that could include people you didn’t want receiving anything. By choosing to put together a will, you will be able to pick and choose specifically who will receive part of your estate and who will not.
Having a will is the most basic element of estate planning. You should consider it vital even if you don’t do anything else. So, even if you don’t necessarily want to deal with the idea that something could happen to you, it is something that you must face. Ensure that you have the proper estate planning attorney to help you draw up this document as well. That way, you will know that everything is properly in place. Then, even if something bad were to happen, you will know that your family and estate is properly looked after.
