A will is a legally binding document that dictates who inherits your estate and how an estate planning lawyer divides it. It is a legal contract that ensures your loved ones are acting per your wishes regarding your property in the event of death. Thus, a will is a critical element of estate planning. According to Caring.com, many people between 18 to 34 years are more likely to have a will compared to people ranging from 35 to 54 years in 2021 for the first time. The following explains why you need to have a will.
A Will Speeds Up the Probate Process
When you die without a will, it can cause problems for the family members you leave behind. Without a will, your state presumes that you want to leave everything to your closest living relative, which means your spouse. If there is no surviving spouse or children, everything goes to the parents. If there is no one in your immediate family, then the next generation of children inherit everything. This process can take several months, if not years, and requires court appearances and formal paperwork. With the help of an estate planning lawyer, a will takes care of this problem.
A Will Provides Trustworthy Record Keeping
The will becomes a legal document when you work with an estate planning lawyer to write it. That means that your loved ones inherit less if they cannot prove that you did leave them everything. The probate process can be time-consuming and complicated when finding paperwork, even if the lawyer does not have any reason to suspect anything is wrong. Having a will prevents a long search for documents and allows your loved one to follow your wishes without trouble.
A Will Protects Your Loved Ones
There are several possible outcomes of dying without a will. One possibility is that your estate could be divided into smaller parts for your family. This means that each person could receive less than what they would have if you had left them money in your will. Protecting them from getting less than they deserve is another reason you need a will.
There are many reasons why you need a will. Primarily, making a will gives you peace of mind legally. It helps you split up your assets and gives your loved ones inheritances once you are gone. The document ensures that your property goes to the people or organizations of your choice when you can no longer make those decisions. If you are embarking on writing your will, contact us today. We can provide you with estate planning lawyer services to help you with this.