By making a will, you have control over the distribution of your property upon your demise. After working hard for so many years, you deserve the right to disperse your assets in the way that pleases you most. Through a last will and testament, you can decide exactly how you want your estate to be divided to include real estate property, personal goods and money. Without a will, this decision is left up to the state, and your wishes could be ignored.
Drafting a will is a fairly straightforward process. If you don’t have a will yet, here are six good reasons to get one done.
Executor of Estate
In your will, you can designate an executor of your estate. That person will be responsible for implementing your wishes concerning the distribution of your property. If you have no will, the court will appoint its own executor who is not obligated to distribute your estate as you would like.
Distribution of Property
In a will, you decide how your property will be distributed upon your demise. If you have specific preferences on how your goods and property should be divided, you can outline these preferences in a will to simplify the distribution process when you’re gone.
Guardianship of Minor Children
A last will provides you a means of selecting a legal guardian to care for your minor children after you’re gone. This is of extreme importance for the health and welfare of your children as you can choose someone you trust who will have your children’s best interest at heart.
You can also choose a property manager to manage your minor children’s inheritance until they are of age. It’s much better to have a trusted relative or friend managing your children’s property than a stranger appointed by the court.
Caretaker for Pets
Seniors can name a caretaker for their pet(s) in their will to ensure their feline or canine companion is well taken care of upon their demise. You can also allocate funds to cover the costs of your pet’s future care.
Backup to Living Trust
Your will can act as a backup to a living trust or another form of estate planning to ensure the care of your children and distribution of your estate are handled according to your instructions.
Reduce Family Conflict
A will that states how you want your property divided leaves little room for relatives to speculate your thoughts on the matter as they're plainly written in black and white. Knowing your preferences could help minimize conflicts and disputes over distribution of goods when you’re gone.
At Beverly Hills Carmel, we encourage seniors to finalize matters concerning their estate while they’re in good health to avoid problems later on. If you have questions concerning wills and testaments, contact us at 310-278-9720 for counsel on getting one done. You’ll have greater peace knowing your estate will be handled according to your wishes when you pass on.