Due to its association with death, estate planning is something that people can be hesitant about. In fact, some studies suggest that over half the adult population in America has yet to address their estate plan.
Simply put, this means that the loved ones of millions of people are potentially missing out. One of the most fundamental aspects of any estate plan is a will. Outlined below are a few key reasons why it might be a good idea to have one drafted.
Distributing your assets appropriately
You’ve worked hard for years to acquire assets, and you’ve even managed to put some money away. You can’t take this with you should you become incapacitated. In all likelihood, you’d like your family to benefit from your assets if anything happens to you. The only way that you can make this certain is by having a sound estate plan, with a well-drafted will at the center of this.
Security for your children
A will can do much more than distribute your assets according to your wishes. It also allows you to nominate legal guardians for your children. You can name a first choice as well as backups for this role. What matters is that your kids are guaranteed an upbringing that you deem suitable should something ever happen to you.
Estate planning can feel daunting but there really is no benefit to putting it off. If you’re unsure about what to do, seeking some legal guidance can provide you with the information you need to move forward. Doing this can also ensure that your documents are validly drafted and truly reflect your wishes.