Do You Have a Will?
Preparing for your eventual passing may not be the most enjoyable of tasks, but it’s a vital one to protect your loved ones and ensure that your final wishes are followed. This document legally protects your spouse, your children, and your assets from unnecessary legal hang-ups, and ensures that the transfer of your assets and responsibilities is as smooth as possible.
Five Good Reasons to Have a Will
1- You decide how your estate is distributed. Without a will, the decision of how to distribute your assets falls to a probate court, meaning there is no guarantee that your wishes will be carried out.
2- You decide who cares for your children. Contrary to popular belief, wills are not reserved exclusively for the elderly; even young, new parents should consider writing a will. That way your loved one will be placed in the care of someone whom you have full trust and confidence.
3- You minimize the estate taxes on your surviving loved ones. The value of much of what you give away could be removed from your estate’s overall value when it comes time to pay your estate taxes. This can significantly reduce the financial burden on your loved ones after your passing.
4- You can give gifts or make donations with your will. Many people wish to leave a lasting legacy for their surviving family, or their favorite charity, or even an alumni association. Gifts up to $13,000 are also excluded from estate taxation, which is even more beneficial to recipients.
5- You choose your estate executor. Executors make sure your affairs are in order after your death, such as paying your bills, notifying your creditors, and more. This important individual should be someone you trust wholeheartedly, including a child, spouse, brother, sister, or even an extremely close friend, and a will lets you name your choice for this person.
Do I Really Need a Will?
Many people mistakenly believe that having a will is something reserved only for the extremely wealthy with substantial wealth and assets to their name. In actual reality, the government can potentially go after estates of nearly any size and levy substantial taxes, which can leave a burden on your loved ones.
The sun may come out tomorrow, but each passing day is never a promise to anyone. As a result, it’s important to be prudent and prepare for the future with a thorough and specific will, created with the assistance of a Tulsa estate planning attorney.
To speak with an attorney regarding your will, call Richardson Richardson Boudreaux, PLLC today at (918) 347-6456.