Why Setting Up a Will & Trust is Important

Deep down, you know you should have set up a will or a trust. But you’ve been putting it off.

We understand.

After all, writing your own Will is an admittance of your own mortality.

Without having a Will and Trust, you’ll only be putting your loved ones at risk of disputes, legal tussles, and life-long challenges after you’re gone.

If you need further convincing, here is why setting up a will & trust is important.

You Can Reduce & Avoid Taxes

It is important to make sure that assets you have acquired from all of your hard work goes where you wish for it to go. Without a Will & Trust, a massive chunk of your estate could be lost to federal and state taxes.

Since you left no instruction on who gets what in a will, a probate court will have to decide how to distribute your assets and to who. More of your money will also go into legal fees. By setting up a will, the tax and legal fees are considerably lower.

Even better, setting up a trust will help you to avoid paying taxes entirely. For example, you can gift tax-free money to your children or grandchildren.

Reduce or Avoid a Lengthy Probate Process

While a probate court might be unavoidable even if you’ve set up a will, probate proceedings will be greatly reduce.

If your final will is created correctly, reducing the probability of a will contestation, all the probate court needs to do is validate the will and authorize the executor. And if you didn’t name one, the court will appoint an executor to carry out your wishes.

If you die without preparing a will, the probate proceeding is lengthy and can be exhausting for your grieving family in a trying time. You don’t want to subject them to that torture.

And with a trust, your trustee can execute while avoiding the headaches and challenges that probate proceedings cause.

Retain Control Over the Distribution of Your Estate

Imagine the beauty of being able to control who gets what and when even after you’re gone. Without a will or trust, your assets will be distributed in accordance with state rules that’d probably be at odds with what you’d have wanted.

Your desires will likely not be carried out, but you’d have no one to blame but yourself.

Having a will and/or trust gives you the power to determine who gets what, ensuring your loved ones, dependents, and even your house cleaner or caregiver are taken care of.

Care for Your Minor Children

More often than not, minor children are often at the receiving ends of a lengthy family dispute over your property. You want to avoid putting your little ones through such turmoil at the early stages of their lives by setting up a will or trust.

If you die without any of those legal documents, the court will take it upon itself to appoint guardians or family members to care for your children.

Of course, it’s almost always the case that they won’t get the attention and care you’d have wanted for them.

You can appoint who should take care of your children and leave them some of your assets in your will. However, they can’t control their inheritance until they reach legal age.

With a trust, you can also ensure they do not receive their inheritance in one lump sum, helping them plan financially.

Get Down to It

Now that you know why setting up a will & trust is important, it’s time to get serious about getting one. The law firm of McNickle & Bonner will walk you through the whole process and help you make a will & trust that truly reflects your wishes.