When to Make a Will: Protections to Provide Your Family With
Nobody likes the idea of dying, and for that reason many individuals procrastinate on making a will. However, there are a few things to understand about what a will does, as well as what safeguards and protections it will provide to your family. There are some times in life when it is imperative to make a living will if one has not already been created.
The Purpose and Benefits of a Will
A will is designed to protect loved ones in the case of your death. While a joint will for a married couple can be done, it is typically not advisable to create a joint will. For those with kids who are still minors, it will tell the court who to appoint as a guardian. A living will also acts as a final decision as to who gets the physical possessions, assets and money you may have accumulated. It can be done up one of two ways. The first is to appoint certain individuals to get specific items. For example, Son A gets the car, while Daughter B gets what is left in the bank account. The other way is to leave everything equally to one or more persons. For example, the entire estate is to be liquidated and Son A and Daughter B are to equally split the estate money. If all of the estate is left to minor children, a trustee can be appointed to set aside the money until the children become of age. An attorney typically handles the reading of the will, as well as dealing with any court proceedings involved.
When is the Ideal Time to Make a Will?
One of the most important times to make a will is when an individual begins having children. If the parent dies without a will, and there is no second parent with joint custody, the children will automatically be taken into state custody until the probate court can appoint a guardian. Getting married is also a very good time to make a will; in case of death, most individuals want their spouse to be the primary beneficiary. Likewise, after a divorce is a good time to either make or update a will; this is to ensure the estranged spouse is not the beneficiary. A large net worth or property ownership is also an ideal time to think about creating a will. A Chapter 7 bankruptcy attorney can best advise how to update a living will in case of bankruptcy. A lawyer from the law offices of Richard D. Palmer says it is important to think about who will receive your most important financial assets before anything unexpected occurs.
Today is the day to put the safeguards in place to protect your family in case the unthinkable happens. Do not wait until it is too late. Give a call to protect your loved ones and give yourself peace of mind.
Share this:
Category: Law
