Estate Planning 101: Top 4 Reasons to Create a Will
When you begin estate planning, a critical component to consider is the creation of a will. In most states, your assets will fall into the complicated legal process of probate after your passing, unless you have a valid will in place. Wills are legal documents which establish how you wish your property to be divided, following your death. There are many reasons to create a will including:
- Allocate your assets: From family heirlooms to savings accounts, you should be able to decide which family members receive your assets. Without a will in place, the state will decide who receives these items, and it may not include provisions for friends or community members. To ensure your wishes are honored, it is important to create a will.
- Protect your business: If you own your own business, and want to pass it on to a co-owner or family member, a will can ensure that it is put in the right hands. Many family owned businesses are dissolved, due to a lack of estate planning.
- Appoint a guardian for your children: If your spouse is unable to care for your children, or is deceased, the state can nominate a guardian to care for them. As a parent, you know who is most qualified to care for your children in your absence, so it is important to create a will and nominate someone you love and trust to look after your children.
- Donate money to your favorite charity: A will can also provide you the opportunity to make a donation to your favorite charity, so that your assets are used for a good cause. This is a great way to give back and help others.
Would you like to work with an experienced Clovis estate planning attorney? Reach out to Christopher E. Seymour, Attorney at Law to schedule your free consultation today!