The Benefits of Having a Will
Having a will is something of utmost importance. Dying without a will would mean that the state will be in charge of administering or distributing your estate according to the law and it will not be according to what you want. Estate owners should find it important to write a legally binding will for the benefits given below.
People who owns an estate should have a will. It is not difficult to make a legally binding last will and testament as most people see it. You can spare your loved ones from facing the state probate courts if you make your will today. The courts will be the ones to decide how to dispense your assets according to state rules. Your final wishes will not decide how your estate should be divided if you did not put it in writing, legally. The reasons why you need a written will as a legally binding document are given below.
When you die, you can appoint an executor of your estate and include it in your will. This executor can be anyone you trust, even if he is not a member of your family. Your executor should see to it that there is proper inventory of your assets and property. He makes sure that all debts and . taxes are paid. When you die, you executors will dispense all of your assets and it is their duty to inform the executors and bank of your demise. He also guides your estate through probate court. if you have a will, it will be easier for the probate court to dispense all of your assets. You will have a state-appointed executor if you don’t appoint anyone for the task.
The state decides on who gets portions of your estate if you don’t have a legally binding will. If all you have is an oral will spoken in front of witnesses or a holographic will which is drawn without any witnesses, then these wills have no legal bearing in court. If you really want to leave your estate to the people you intend to have it, then you need to formally prepare one which is signed by two or three witnesses. Every state has its own intestacy laws. The state awards the estate to the immediate family if there is no will left by the deceased. If you die without an immediate family, then your estate will be distributed to your other close relatives.
The will is important if you die when your children are still young. If you and your spouse die, then your young children will be given a guardian according to your will. The state will decide who the guardian of your children will be if there is no will. It is important to write a will so that if you want all your estate to go to your children, then this will surely happen.