Many people think that only the wealthy need a will, but the truth is that all Indiana residents could benefit from having one. It’s a big part of estate planning that can help you plan for the future. Who exactly needs a will?
Having a will
An important document in estate planning is your last will and testament. Your will is a legal tool that allows you to state your wishes for how you want your assets and estate handled after you have passed away. When you don’t have a will, it can complicate matters as your estate goes through the probate process, which is handled by the court. The court is also responsible for distributing your assets and determining who gets them. A will lets you protect your estate and speed up the probate process.
Understanding the purpose of a will
Everyone over 18 years of age should have a will to prepare for their future, ensure that their estate is properly taken care of and leave their beneficiaries inheritances. With a will, you can clearly state your wishes about who will inherit specific assets and property. You can name beneficiaries who should receive those things upon your death and name others who should not receive anything.
Your will gives you the right to name guardians for your minor children if you die while they’re still young. You can also do the same for your pets and state your wishes for leaving money to specific charities.
You also get control over your final wishes with your will. You can state how you want your funeral and burial to be handled or make it known that you wish to be cremated instead of buried.
Having a will is important. You never know what might happen in the future due to the uncertainties of life.