A legal will
It is a known fact that many individuals will postpone composing a legal will, most even waiting too long before it’s too late. Perhaps, it is because we do not wish to confront the inevitable possibility of our own passing. A will is a legal document which includes specific directions on how you would like your assets to be distributed following your death. The document can be altered by the producer at any point before their death and can contain both tangible assets, as well as appoint guardians and executors responsible for your estate. It is best to update and revisit your will every five years to ensure it most accurately reflects your wishes. A will allows you to elect which individuals would receive what when you die. Without a will in place, the state you reside in will determine how and where your assets are distributed.
Assets & Probate
A will must follow many state laws and regulations to be considered valid and only takes effect once the producer has passed away. A will is best advised for any living individual with any assets to their name. In most cases if an individual did not have a written will that individual’s assets would be distributed under that states assets plan which is usually distributed between spouse and children. If the individual has no spouse, children, or living relatives the assets will usually all be rendered to the state instead of friends, charities, or other alternatives. If someone with a will passes their will then be a probate process which involves the reading and administering of the will too its recipients.
Plan Plan Plan
Due to the fact that death is an inevitable and natural occurrence for all, it is highly recommended that all individuals have a will in place. Doing so will allow you the power to plan for how you wish you assets to be distributed after you are gone. A will can also shorten the probate process and allow for a clear distribution of assets as well as debt payments. Most importantly a will can provide peace of mind for those who wish to leave things behind for their family, friends, and loved ones. Leaving behind a will can help reduce stress on your living loved ones as they will be able to rest assured you assets are properly cared for. Wills can also help reduce family tension as it could prevent your family from fighting over your possessions.
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