On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, February 9, 2018.
Have you thought about what is going to happen to your belongings when you pass away? If you are an adult and the answer to that is no, you need to take the time to think about this right away. Dying without a will has some very serious consequences. Consider these reasons to ensure that you have your will in place as soon as possible:
One of the most disturbing reasons why you need a will is that a legal formula will determine who gets your assets if you don’t say who gets them. You won’t have any control over who gets what. The formula is followed exactly for a person who dies intestate, so family members who you haven’t spoken to in years could stand to get your stuff if their names and relation to you are on the list.
Another consideration of not having an estate plan in place is that the estate might take longer to go through the court process. This means that your loved ones might have to wait longer to get what is due to them. It also means that they might incur some expense during the process.
Having an estate, namely a will, enables you to minimize the tax burden your loved ones will face. This might not matter much in a smaller estate but in larger estates, it can make a big difference.
A will allows you donate to your favorite charities or causes as part of your estate plan. If you intend to do this, you certainly need a will because the court won’t pass anything along to these entities without you stating where the assets should go and in what amount.
Source: FindLaw, “Top Ten Reasons to Have a Will,” accessed Feb. 09, 2018