Many people have the misconception that a will is only useful to choose how property should be distributed after death. Although this is correct, a will serves more than one purpose. Our Madison estate planning attorneys at Estate Law Partners, LLC explain the top four reasons to have a will.
#1: Choose a Guardian for Your Children
If you have minor children, a will allows you to choose who should take care of your children in the event that you and your spouse pass away. Although it’s a tough process for every parent, it provides a safety net for your child(ren). If parents pass away without a will, the court will take it upon themselves to choose among family members or state an appointed guardian.
#2: Speed Up the Probate Process
Although individuals with or without a will must go through the probate process, having a will can speed up the process. During probate, the court will administer your estate and will decide how to divide your assets. If you already have a will set in place, they will use that legal document when dividing assets.
#3: Decide How Your Estate Will Be Distributed
A will can help you determine how you would like your estate to be handled after your death. If a person dies without a will, the court will ultimately divide your assets for you. There is no guarantee that your asset will be divided as you would have liked.
#4: Decide Who Will Take on Estate Planning Affairs
Loved ones typically need to handle an array of responsibilities after their loved ones pass away. By creating a will, you can choose an executor to ensure that all your affairs are in order, such as paying off bills, canceling credit cards, and more. You will want to choose someone who is honest, trustworthy, and organized.
If you are ready to create a will and establish a comprehensive estate plan, contact our Madison estate planning attorneys today at (608) 292-5185!