The Benefits of Having a Will
If you own a large estate, then is it important that you have a legally binding will. You might want to hand over your estate to specific persons when you die, but if you don’t draw up a will to specify this, then the state will take over the distribution of your estate according to law. Estate owners should find it important to write a legally binding will for the benefits given below.
It is important to that you have a will. Some people don’t write their wills because they think that it is too complicated, but the contrary is true. One good thing about having a will is that you don’t let your loved ones have a stressful experience facing the probate courts. The courts will be the ones to decide how to dispense your assets according to state rules. Whatever your final wishes were, if it is not written legally, it will not be honored. Below you will find some of the benefits of having a legally binding will.
If you pass away, you would want someone that you trust to be the executor of your estate. 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. Your assets will be dispensed by your executors and banks and creditors are informed of your death. The executor should be present in probate court so that he will be able to guide your estate. Dispensing of your assets by the probate court is made much easier if you have a will. You will have a state-appointed executor if you don’t appoint anyone for the task.
Portions of your estate will be distributed by the state if there is no 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. Intestacy laws are different in every state. 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.
It is important to have a will if you still have young children. This will establish who the children’s guardian would be if you and your spouse die prematurely. The state will decide who the guardian of your children will be if there is no will. If you have a large number of assets, then you would want your children to have them when you die and your will should make this intention clear.