Top 5 Reasons to Create a Will
You think creating a will is unnecessary because you're young and healthy. But life is filled with uncertainties. So you may be right until it is too late.
The truth is that creating a will now has no effect on your life expectancy. However, it can help you prepare for the future. Here are some of the top reasons you should create a will now.
Take care of your children
Creating a will enables you to decide who should care for your minor children after you're gone. You can nominate a guardian and include a document stating how you want your children to be raised.
Without a will, the crucial decision of who and how your children should be taken care of would be left in the hands of a stranger - the judge - who will appoint a family member or someone not even related to you.
If you don't want someone who hasn't even met your children to make a life-changing decision for them, you should create that will now.
Ensures only deserving people inherit your estate
A will states precisely how you want your property to be distributed. When you die intestate, that is, without a will, your estate will be distributed according to Pennsylvania intestate succession statutes.
This means you have no say in who gets what. And your property will end up in the hands of someone you would not have wanted to have a share of your estate.
Reduce inheritance tax
Creating a will can reduce the inheritance tax your heirs will pay. That's because inheritance tax isn't fixed.
It depends on how much your estate is worth and who inherits it. For instance, your spouse will not pay inheritance tax. Charities are also exempt.
Choose someone you trust to manage your estate
When creating your will, you will be able to name the person you want to handle all your affairs. This person, called the executor, will be responsible for paying off all your debt, notifying your bank, closing bank accounts, canceling memberships, etc.
As you want your affairs to be in order after you're gone, you'll likely choose someone trustworthy, organized, and honest. Without a will, the court will appoint an executor for you. And who knows, they may make a mess of everything you left.
Make sure your pets have a home
After you die, where will your pets go? You can provide them in your will by ensuring a trusted family member or friend takes care of them.
Pets are assets themselves, so you won't be able to gift them any of your properties.
But you can nominate a beneficiary who'll become the pet's guardian or caregiver. You can also will some funds to your pet's guardian for the care of your pet.
Safeguard your family's future and give yourself peace of mind knowing that your estate will be handled as per your wish after you're gone. Don't know how to get started? Speak with an experienced elder law attorney now.