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Where There's a Will…There's a Way to Protect Your Loved Ones

Posted on Monday, June 7, 2021 in Financial Education

With all the responsibilities involved with taking care of our families every day, it's hard to fathom a time when we are no longer here to provide for them. One way to protect and care for your loved ones in the future is to create a Last Will and Testament. Your will, which outlines your wishes upon your passing, is the single most important document in any estate plan.

Here are 7 reasons why you need a will:

  1. It outlines how your property will be disbursed. Having a will allows you to specify how you want your property distributed to your loved ones or any charities upon your passing.
  2. It allows you to ensure care for minor children. If you have minor children, your will allows you to name guardians and alternate guardians who will care for your children in the event you and your spouse pass at the same time. Without a will, the courts could decide guardianship decisions.
  3. It allows you to appoint an executor of your estate. Your executor is a fiduciary who will manage your estate upon your passing and ensure your wishes are carried out. Some of the responsibilities of an executor include accounting for your assets and liabilities, submitting your will for probate, and working with your attorney and other professional advisors.
  4. It allows you to share wishes for your pets. Your pets are considered personal property. That means if you want to arrange for someone to care for your pet upon your passing, you must specify that in your will. Without a will, your pet could end up going to a shelter.
  5. It makes the settlement process of your estate easier and more affordable. Though all estates go through the process of probate, a will makes that process more efficient and less expensive.
  6. It protects your estate from others. Your will can prevent estranged family members or others from making claims to your property.
  7. It allows you to make special bequests. As part of your estate, you may have sentimental items and heirlooms, such as collections or art. A will allows you to designate beneficiaries for those items.

Take an important step for your loved ones.
Talk to an attorney today about creating your will. It could be one of the smartest decisions you will ever make.

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