A lot of individuals do not think they need a Will, but what they do not realize is that if they do not go through with estate planning, a judge will decide where their assets go. Why? Because a Will is a legal document that outlines where your assets go and how they are distributed. Without this legal document on file, a judge is left to pick and choose who gets what and how much of that asset they receive.
The Automatic Split
Typically, without a Will your assets will automatically be distributed to your surviving spouse and children. If you are not married and do not have children, a judge will determine who of your blood relatives will receive your assets after that.
Guardianship
A Will outlines who will receive guardianship of your minor children. This is especially important for single parents who want their children to be raised by a specific family member or even a friend. Without outlining this information, children will be given to the next suitable guardian a judge finds.
Amend Anytime
What people assume during estate planning is that a Will cannot be changed once it is written. This is untrue. You can actually update and amend your Will throughout the year, which means if something changes, you can change your Will along with it.
- Avoid These Three Estate Planning Traps - June 29, 2020
- Planning Solution for a Spendthrift Heir - June 15, 2020
- Will Election Trigger Estate Tax Changes? - June 1, 2020
