While some people may feel that it is morbid, or even bad luck to make a Will, it can be dangerous to not have one. At almost any stage of your life, a Will can be beneficial to you and your loved ones, in the event that something happens to you. Generally, a Will makes it easier for your affairs to be put in order, and for your last wishes to be put into motion. This article discusses all the benefits of crafting a Will.
A Will Can Reduce Estate Taxes
Estate taxes can be one of the highest taxes you will have to pay, and it occurs after your passing. In some cases, federal estate taxes can be as high as 40%. In New York State, they can range between 5 and 16%. Establishing a Will can help minimize these taxes and reduce potential administrative fees by allowing you to better divide values given to your family, benefactors, or charities.
Choosing Benefactors and Custodial Guardians
You need a Will in order to provide for your children and benefactors. While probate laws exist to help divide assets if you do not have one, you should not rely on this to properly provide for your family. This document protects your dependents and heirs. It also allows them to securely receive what you leave them. If you have any minors in your care, it is extremely vital to have one. This is because the document allows you to safely and securely make sure that your children are put with the next of kin that you see as proper guardians.
A Will Helps Avoid Family Turmoil
When someone dies without a Will, there can be a lot of legal strife for the family in addition to the grief of loss. Without a Will, your potential heirs won’t know who has the rights to your estate. Often, the government and banks can stake a claim to parts of your estate. Generally, they claim more than what would normally be afforded to your heirs if you had a Will. Arguing in probate court can also put a further financial strain on your loved ones, especially if they feel that they need a probate attorney.
Minimize Probate Processes
With each death, one’s estate goes through the process of a probate court before anything can be distributed. This process can be lengthy and tedious without a Will. A probate court establishes the value of your estate and how it can be divided up. Without a Will, the court will determine how to divide your estate on its own. That can be a long and drawn-out process.
A Will helps reduce the time that your estate is held in probate. This can be extremely important if your family needs your money or estate to survive after your passing. With lengthy or contested probate administrations, the court may bar family members from living in or accessing properties that are part of your assets until decisions are made, even if they have lived there prior to your passing. Additionally, probate courts might sell off aspects of your estate to divide up funds to your heirs.
Changing Your Will
You don’t have to worry when life takes a new turn. You can change the will at any time. Births, deaths, divorce; life can come with many unexpected changes. It can be updated to reflect these new events and to make life easier for your loved ones after your passing.
Some people think it is “morbid” or “bad luck” to create a Will for yourself. Mortality is never easy to face, but it is important to do it before it’s too late. A Will is one of the most important documents of your adult life. Take control and help create a better future for your successors.
Safe Harbor Healthcare Services does not provide medical, healthcare, or financial advice via articles. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for medical advice.
Safe Harbor Healthcare Services has been providing excellent home care on Staten Island since 1967. Our services help the elderly and disabled live safely and independently; while giving their families the peace of mind they need. For more information contact us by clicking here, or by calling (718)-979-6900.
