During your life, you realize that you won’t be able to take everything you own with you when you die. This can be a scary thought when your estate includes precious memories, family heirlooms and keepsakes.
To help ensure that your assets go to the people you want to have them, the best place to start is with a will. If you don’t have a will, then your estate may go into the wrong hands. Here’s what you should know.
Don’t let the state decide
If you die without a will, or “intestate,” then the court will decide who will receive the assets in your estate according to state laws. This typically means your spouse, child or closest living relative will inherit your estate. Many people oppose this in favor of willingly deciding what share of their estate will be inherited by whom.
The benefits of a will
You realize now that writing a will can not only be to your advantage but also to that of your heirs. Developing a will gives you the freedom to decide how your estate is divided.
You may have a child who would only waste or misuse any inheritance. You may have a grandchild whom you would rather put through college with your estate – instead of leaving money to your adult heirs. You can set up a trust for that purpose.
You shouldn’t waste your opportunity to plan for the future of your family. You may need to know your options when planning what to do with your estate so that you can do what you believe is best for your family and other loved ones.
