Why You Need to Write a Will
Unless your financial situation resembles Scrooge McDuck jumping into a mountain of gold coins, you probably think you don’t need a Will. But as a skilled estate lawyer Phoenix AZ relies on can explain that is not true! Here are 7 reasons why you need to write a Will.
- You decide who is in charge of your estate
If you die without a Will, you will have no control and no say in who takes charge of your estate. With a Will, you get to choose the person who will be responsible for carrying out your wishes and obeying the laws of your state.
- You decide who will take care of your children
For parents of small children, this is perhaps the single most important reason to make a Will. You can appoint specific people in a specific order to serve as guardian for your children. Just as importantly, you can avoid the wrong people from serving as guardian. If you die without a Will, the court may take it upon itself to appoint a guardian for any minor children you may have.
- You decide who benefits from your assets
A Will lets you determine who receives what from your estate. It also helps to avoid family fights about your money and belongings.
- . . . and who doesn’t benefit from your assets
It is as important to say who will NOT receive any assets or distributions from your estate. This helps deter any estranged relatives from contesting your Will and making claims to your estate.
- You can make gifts and donations
For those who wish to give back, outlining a charitable gift or donation in your Will helps to ensure that your legacy of philanthropy lives on.
- You minimize estate taxes
As assets are distributed from your estate to family, friends, and charity, the value of your estate diminishes. This is a good thing! It means your estate will have to pay less in taxes.
- You minimize legal frustration during an emotional time
The loss of a loved one is hard enough, and when funeral bills and lawyer fees start piling up, it can make things more stressful than necessary. Creating a Will today saves your family from dealing with legal and financial issues during their time of grief.
Contact our experienced Arizona Estate Planning Attorneys at (480)947-4339.
You work hard for your money and for your family, creating a Will allows you to make sure both are properly cared for after your death. If you’ve been thinking about creating a Will, contact a lawyer for an initial consultation.
Thanks to our friends and contributors from Kamper Estrada, LLP for their insight into why you need to write a will.
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