A will is an important document when it comes to inheritance of properties. It is a document which will help you in selecting the heirs of your assets and avoid any disputes among the heirs. Failure to leave this document can lead to family disputes when you are gone. The following are the main benefits of having a will.
Outlines what each person gets
If you die without leaving a will, then the court will make decisions on your behalf. There are various state laws which can be applied by the state to distribute your properties among your beneficiaries. Individuals who die without a will can lead to many problems, and they are considered to be intestate. The decisions made by the court when distributing the assets are based on the state’s laws. This means that for you to become a beneficiary, then you will have to follow the law. The individual who inherits your property might not be the one who you would have chosen.
Helpful when you have a joint will with your spouse
A joint will is not recommendable but there are some states which recognize it. Rarely will you find spouses dying at the same period? Additionally, each person has her or his life. You might have some problems just in case you interested in leaving some of your assets to another child who belongs to another family.
The legal validity of your will can not be disputed
To challenge the validity of the legal will can be very challenging. The state laws are applied, but you might find some instances where a child, ex-spouse or a spouse is trying to contest a will. However, there are some avenues which can be used in contesting the validity of a will. You can contest a will which was created out of fraud or coercion. A will can also be declared as invalid in case the deceased was incompetent when preparing it.
It defines your executor
You have an option of choosing your executor. This can be your trusted friend, achild or even your spouse. You can also decide to get extra help from a financial advisor of a qualified attorney just in case your affairs are quite complicated.
Will enable you to leave some items or assets, certain people
Sometimes you might be interested in leaving some of your properties to your best friends. May be you do not want your daughter to take the necklace you inherited from your beloved mother. A will help you in making such bequests and more. You are advised to be very specific so that your wishes can be followed by the people left.