Why EVERYONE Needs a Will
Estate Planning Is One of the Most Important Gifts You Can Leave Your Family.
You’ve worked hard for everything that you have, so it’s important to make sure that when you pass, your loved ones are taken care of. Wills are more than just assets and property. They protect the most important things to you – and ultimately decide where you want your assets to go. Hey, you might even want all your money to go to your pet… like Leona Helmsley, and we are not here to judge!
No matter what your situation, the one thing we know for sure, is that it is important for everyone to have a will, and here are the top three reasons why:
1. You decide the distribution
Without a will there is no guarantee that your wishes will be carried out the way you want them to. Unfortunately, it is not uncommon for family fights around the distribution of estates to arise. If you don’t want Uncle Joe or your ex-wife to get a share in your estate, then it’s best to have a will to determine the way your property is distributed.
Most people don’t realize you can actually disinherit people from your will. Without a will, your estate could end up in the wrong hands or with a lengthy probate process, where the court decides how to split up your assets.
Don’t be like Jimi Hendrix, who never left a will, resulting in a battle over his estate lasting for nearly 30 years. Jimi Hendrix was only 27 when he died, leaving an estate worth 80 million, which was inherited by his father, due to him not having a will. Jimi’s potential heirs included his two children born out of wedlock, his father, brother, step-sister, and a girlfriend who he was living with at the time of his death.
In some circumstances, when children are not specifically mentioned in a will, or if a person doesn’t leave a will, the children may be completely disinherited. We will never know the true wishes of Jimi Hendrix, because he was unable to decide the distribution of his estate.
The bottom line is, if you make a will, the probate process is shortened by letting the court know how you want your estate to be divided. And who better to make these decisions than you yourself?
2. Minimize taxes
Wills minimize estate taxes. Don’t we pay enough of those? The value of what you pass on to your loved ones or even charities, reduces the value of your estate when it’s time to pay up!
If you’re expecting to give money to people when you pass, it could be smart to leave annual gifts for your beneficiaries while you’re still living. Gifting not only provides an immediate benefit to your loved ones – it also reduces the size of your estate, which can be important if you're close to the taxable amount.
To ensure that you’re staying current with the frequent changes to estate tax laws, talk with our estate planning attorneys!
3. You can change your mind!
When circumstances change, so can your will. You can change the terms of your will at any time while you’re alive. We all know that life changes are unavoidable, and births, deaths, divorce, etc. can create circumstances in which changes are necessary. Depending on the complexity of your will, it is a good idea to review it regularly to make sure your bases are covered. An estate planning attorney can help you with this and make things easier for you.
Wills can be overwhelming to think about, but that’s why we are here!
Here at Innovative Law Group, we will ensure that your family, loved ones, and even your pets are taken care of and honored in the way they should be, and you will find that having a will can actually give you peace of mind.
