How often has someone’s abrupt demise shocked their entire family and left them in a financial and emotional turmoil? The realization of someone leaving this world too soon resonates with everyone. We all know someone who died way too soon, leaving behind orphaned children, unfulfilled tasks, and acute loans and debts. It’s a mess that can take years to resolve.
Most people aren’t fond of confronting the end of life. This is one reason why they completely brush off the idea of writing a will. Death is an inevitability and will touch everyone – from the greatest tycoon to the smallest vendor. The smartest people will prepare for this finality while they’re still alive.
Other people’s death only impels you into questioning your own end. Someday, you too will depart and your wisest move is to prepare for it financially, physically, and emotionally. Crafting a will can give you a clearer picture of your current assets, liabilities, loans, and most importantly, what you’ll be leaving behind for your family.
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According to a recent survey, 60% of Americans neither have a will nor proper estate planning. It is no surprise that most of these are youngsters, 18 or above, who still haven’t realized the magnitude of death. While most boomers aged between 53 and 72 possessed estate-planning documents, there is still an alarming lack of people with a legal will.
Young people are superstitious about death, but sooner or later, the aftermath has to be addressed. Penning down your last words, your last promises, and most essentially, your estate planning is a practical and prudent way to prepare for the worst. Here are some crucial reasons why creating a will helps you organize your assets and make responsible choices for both yourself and your family.
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1. Ensuring Fair and Equal Property Distribution
A will can help you list down all your property and assets in a black and white way. This helps you decide, how each property should be used and changed. Although the law would ideally decide your property distribution if you die, the last thing you would want is an illegal inheritance. Hence, hire a lawyer now to give your plans a legal leg to stand on.
There is also a matter of dividing your assets into equal proportions and the title deeds terms. Don’t hand these crucial matters to the law or a family member. If you’ve spent your blood and sweat in erecting those properties, you are the only rightful owner to decide their distribution. This step will also protect your immediate family as they will become the rightful owners to your property, if and when you wish.
2. Settling Your Estate Through a Quick Legal Process
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A will that is created by a legal will attorney is valid and accepted in every court. This expedites the legal process of estate distribution. In most cases, when the owner dies without a will, there is a hefty legal fees that comes with each court visit and the official process of dividing property.
A legal will can readily protect your property and your beloved family from paying the incredible fees. These will instead turn into savings that can be transferred to your desired charity or a beneficiary of your children.
In most cases, the government incurs a heavy inheritance tax, which is usually 30-33%. The benefit of writing a will is that you can draft a tax-efficient document that will save your family from the trouble.
3. Appointing Guardians for Your Children
If you’re a parent or have minors in your family, drafting a will is your biggest responsibility. Addressing the issue of who will become their guardian or trustee and taking care of their financial expenses can only be tackled respectfully through a will.
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You will also be appointing the right trustees to take over the executive powers after you. When you designate a trusted member the key points of your estate planning, you can rest assured that all your wishes will be honored.
Will and Estate Lawyers Near Me
Protecting your family rights, distributing your assets with the utmost fairness, and enjoying absolute peace of mind, knowing that you have a reliable trustee to take after you are the key benefits of having a will.
If you’re on the look-out for capable lawyers that can draft a concise and thorough document with all the components of a will, then get in touch with Kam Law Firms. With their unmatched experience in the legal world, you will have access to top-level expertise in drafting a will that resonates with you.
