Benefits of Having Last Will Contest & Testament

Advantages of Having a Will and Testament

A will and testament is a legal document that expresses how a person wishes to distribute their assets after their death. Your will determines how property is divided and exactly who receives the property. You can amend your will whenever you want, as it becomes effective only after death.

Death is something that people generally don’t like to think about. However, planning for the inevitable and setting down your wishes on paper makes it easier for your family and friends. You also have greater peace of mind knowing that your assets would be distributed exactly as you would have liked.

Having a will in place at the time of death is smart and has numerous advantages:

• Your property goes exactly to those you choose

The biggest advantage of having a will is that you decide who gets what from your estate. You can avoid the laws of “Intestacy” by making a last will. When a person dies without a will, they are said to have “died intestate.” The assets of such a person go through probate court. The state’s intestacy laws then determine who inherits the assets of the decedent. Intestacy laws are different for different states, but the assets go to the spouse and children in most cases. If a person does not have a spouse or children, the property may be awarded to the next of kin.

Say you are not married, but you have a long-term partner. When you have a will, you decide who gets what. If there is no will, your partner may end up getting nothing under intestacy laws. Also, if you are in the middle of a divorce, but it has not been finalized, your estranged spouse could also claim your property. With a will, you can ensure that your loved ones get your assets and are taken care of even after you are no more.

• You can appoint a guardian for minor children

If both parents are dead, a will serves as a legal guiding document for the care of minor children. When you write a will, you can choose a guardian for your children. You may also set aside funds to care for your children after your death.

The guardian you choose would be responsible for taking care of your children, including their education, health care, housing, food, and other daily needs. If you do not have a will, the court will appoint a guardian for your children. This could mean that your children will be raised by someone you have not chosen.

• You can create a testamentary trust

A testamentary trust is created upon the death of a person. It is specified in their will. A will could contain more than one testamentary trust, addressing a portion or all of the estate. The purpose of a testamentary trust is to manage the assets of the deceased on behalf of the beneficiaries. You can create one for your children in your will and hold your property for their benefit.

• You can choose an Executor

In your will, you can choose an Executor who will manage and oversee the distribution of your assets. An Executor could be an individual or an institution and act as the legal representative responsible for carrying out the process of distribution of assets. The Executor is responsible for ensuring that all the terms of your will are honored. They are also in charge of taking inventory of your assets and ensuring that any debts or taxes are paid off. An Executor is responsible for dispersing your assets properly and informing banks and creditors that you are deceased.

When you write a will, you can choose an honest and trustworthy person to execute your will. If someone does not name an Executor in their will, the state appoints one. The downside is that anyone can petition the court to hold this position.

• You can minimize estate taxes

In the US, estate taxes refer to the tax on your right to transfer property after your death. Having a will could be helpful in reducing the amount of estate tax to be paid. The value of what you gift to your family members, relatives, or charity will be deducted from the overall value of your estate. This will bring down the value of your estate and, in turn, minimize your estate taxes.

• Make gifts and donations

Donating to charity lets your legacy live on even after you are gone. The ability to make donations and gifts is a good reason to have a will because it also reflects your interests and personal values. Also, there are gift tax exclusions available. For instance, the gift tax exclusion for the years 2020 and 2021 is $15,000 per donor, per recipient annually. You can give anyone- a relative, friend, or even a stranger up to $15,000 in assets a year, without paying any federal gift taxes. It means that you are increasing the value of your estate for your beneficiaries to enjoy.

• Help your family and loved ones save time and money

It is necessary for almost all estates to go to the probate court so that the legal proceedings around the distribution of assets can begin. Without a will, this process could get exceedingly complicated. The court needs to appoint a representative to administer your estate. This is not only expensive and time-consuming but can also turn into a contentious issue for your loved ones.

One of the top advantages of having a will is that you can streamline the probate process. You can choose a person to handle your estate in your will, making it easier for your loved ones.

• Prevent potential family disputes

Having complicated family dynamics is another reason why you should have a will. In case you die without a will, your family can only guess what your last wishes were. Sadly, not all of them will agree. This ambiguity could lead to family disputes that could sometimes last a lifetime. When you have a will, you eliminate the guesswork, preventing disputes and conflicts in your family.

Conclusion

Creating a will is not expensive and you can amend it whenever you want. If circumstances change and you will no longer represent your interests, you can revoke it and start over.

Do you need help with creating your will or will contest Miami? Luis E. Baretto is a trusted probate and litigation law firm that could assist you. They have extensive experience in the areas of estate planning, guardianship, probate administration, and elder law. For any queries regarding trusts planning drafting and administration Miami,