The last thing you want to think about right now is writing your will. It's enough we have so many reminders of our mortality, but having to sit down and dictate who gets what after you die seems to create that final mark of inevitability.
You might believe, too, that wills are only for rich people, and that since you aren't wealthy there's no reason why your family can't amicably divide your possessions after you're gone. In truth, it's important to have your estate planning in order before you die so that your wishes are carried out. To know more about estate planning, you can also navigate to http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Why do you need estate planning? Here are just a few reasons:
– Estate planning ensures that your spouse and children, or whomever you appoint as your heirs, will have less difficulty taking control of your assets. If you were to die with property solely in your name, and no will to appoint a beneficiary, your estate could end up in probate.
– Consequently, having a will that details your final wishes prevents family squabbles. It is not uncommon for siblings and other relatives to come to blows over sentimental items like jewelry, antiques, or even land.
– Planning ahead of time can help alleviate any tax issues your family will face upon your death. Inheritance taxes may prove a burden for some of your heirs, who may end up selling what they receive in order to pay off the debts. With a good estate planner, you can eliminate tax problems.