August 09, 2022
Top Five Reasons to Have a Will
Creating a will is often thought of as a task for elderly or sick people. However, you can write a will for yourself as soon as you turn eighteen and include all the wishes you want to be fulfilled if anything happens to you. A will is not just to express your wishes but also to provide instructions to your loved ones on how to distribute your property and handle your estate. It is a way to give some peace of mind to your family members and loved ones regarding the legal proceedings after your demise when they are already going through emotional turmoil.
Let us look at the top five reasons to have a will.
Reason #1- Decide the Distribution of Your Estate: By creating a will, you can tell your wishes about how to distribute your estate. If you die without creating a will, it will be an intestate. The probate court will then distribute your estate according to the intestacy laws of your state. Your wishes might not be considered if the probate court partakes in the distribution.
Reason #2- Decide the Guardians of Your Minor Children: If you have children under the age of eighteen, you can also choose a guardian for them until they come of age if the other parent is not available to take care of them.
Reason #3- Facilitate the Probate Process: The probate process is the legal process to distribute the estate for every will. If someone challenges the estate distribution, the last testament will provide the final decision according to your wishes. You can also make the entire probate process quick for your loved ones by creating a will.
Reason #4- Minimize Estate Taxes: Estate taxes can be unforgiving. While creating a will through a professional, you will also get a chance to use tools that can minimize your estate taxes and provide more benefits to your loved ones.
Reason #5- Disinherit Individuals: You can also choose who you want to exempt from your estate by disinheriting them.
About Castle Wealth Group
Contact Castle Wealth Group for all your investment planning needs today. We build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website, call us at 844.885.4200, or email us for expert financial advice.