When people don’t leave a Will, it’s one more brick that loved ones have to carry after they pass on. Yes, there are laws in place to handle these situations, but unless the family has legal counsel that looks after theirs (and the deceased’s) bests interests, it won’t be an easy time.
With a Will, you’ll decide who gets what, and you can create a trust to provide for your family. Trusts can cover minors, people with special needs, your spouse and anyone else you specify you want to provide for.
And you can make this all a bit easier for those you leave behind by taking the time to prepare a Will. Did you know that a Will is often the only place you can appoint an executor to oversee the estate administration and appoint a guardian for minor children?
In addition to distributing assets to your beneficiaries, the executor makes sure your debts are paid, title transfers are made and similar administrative matters like closing bank accounts. While certain assets pass by naming beneficiaries (e.g. life insurance, pension and IRA benefits, etc.) or by title on a deed (real estate held in joint names), for the most part, your will provides the blue print for what happens after your death.
Taking the time to create a Will eases those bricks that your loved ones will carry. Losing someone is hard enough without toppling under the weight of financial stress.