One of the most important things to do before you pass away is to create a will. However, many people go throughout life without having a will until it’s too late. Unfortunately, research shows that 51% of people in America aged 55 to 64 don’t have wills in place. If you don’t have your own will, this could create major problems for those around after you’re gone. Therefore, it’s important to take care of this situation right away with the help of legal services. Here are three smart reasons why you need to create a will.
- Ensuring Your Business Remains Protected
For many people, working is a part of life. With that in mind, certain people are able to start and grow companies of their own. Considering that, it’s wise to make sure that this company continues to thrive after you’re gone. If you want to make sure this happens, you’ll want to create a will. In turn, you’ll be able to leave your company to whoever you want to. You don’t want to think about leaving something you’ve worked hard on to someone who is incompetent. Legal services help many people ensure that their respective companies remain protected.
- Determining Who Receives What You’re Leaving Behind
After leaving this world, you can’t take along your belongings. Therefore, it’s a good idea to determine who will receive the items you leave behind. Most people separate their estate, ensuring that everyone in their lives gets something. On the other hand, you might want to stop one or several people from having any access to your estate. Considering all of these steps, many people find that the will creation process is much easier with the help of legal services. Legal services will help ensure that your money and belongings are divided in a way that you prefer.
- Having a Guardian to Watch Over Your Children
Research shows that the percentage of senior citizens with living wills increased from 47% during the year 2000 to 72% in 2010. Unfortunately, not everyone gets to experience the joy of their senior years. Therefore, many people pass away and leave their children behind. If you want to ensure your children remain cared for after you’re gone, appoint a guardian in your will. By doing this, someone you know will have guardianship of your children in the event that you pass away. This also avoids the possibility of your children being cared for by the state.
In closing, it’s important to understand why having a will is so important. This is only a few reasons why it’s important to have a will. If you have assets that are worth six figures or more, it’s wise to consider having a trust as well as a will. In turn, this helps to reduce taxes while avoiding the possibility of probate. If you’re needing legal help during this time, consider contacting an estate planning attorney.