Why is it important to have a last will and testament?

Many clients believe that only people near death need a last will and testament. But if it were to ask any law firm, you’ll receive the following answer: a testament must be drafted before you end up in a life-threatening situation. Anyone who desires to plan what happens with their finances, properties, children, and even pets in case of their death should think seriously about a last will and testament. To help you make an informed decision, our team shared next some of the reasons why it is important to have a last will and testament! Let’s see the advantages of this valuable document.

It will ensure your property goes to your loved ones

One of the reasons you need a last will and testament is to ensure your property will go to your loved ones. If you die without a will, some relatives will receive your goods by default. And in some cases, this might not align with your wishes. A testament will aid you to leave your inheritance to those friends or family members you want to!

It will ensure your kids will be raised as you wish

Custody is a sensitive issue, and every law firm can confirm it. It can lead to tedious court battles when a parent dies. Luckily, you can avoid this by having a last will and testament. This document can aid you in offering guidance on your preferred guardian for your kids.

It will help you create a family trust

The importance of the last will is vast. And another reason why you should get one is the family trust. This document usually features information on what provisions you set up for an after-death trust. This trust is a bank account controlled by a trustee who can use the money only to benefit the beneficiary. For example, if you’re divorced and have minor children, a trust is key for taking care of their needs in the long-term. It can be used to cover health care or college tuition fees.

It will let you make donations

Even though you might look at a last will and testament as a tool to live up to your relatives’ expectations, some people use it differently. This document can aid you to make donations to charities, which will decrease your overall taxes.

It will ease the process for your relatives

If you die without a testament, it might become difficult for your relatives to reach a consensus. So, they might end up in a lengthy court debate and unnecessary expenses. Remember that your relatives might not settle with ease.

The bottom line

It is important to have a last will and testament because it will help you decide on how your inheritance will be managed. Besides, it can ease the process for your relatives, saving them a lot of trouble and hassle. Make sure you discuss with a law firm about the best approach. Depending on your assets, you’ll require a specific last will and testament to be drafted by an experienced lawyer.