Typically, having your wishes known to your spouse is essential despite your age, marital status, and wealth. You can have your wishes written in a legal document, tell your spouse verbally, or discuss what you would want with a trusted friend. This can help save time and money when it’s time to make decisions about your finances and be less stressful for loved ones.
These are just some of the many benefits of making your wishes known before you die.
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1. Legally Binding Document
You can create a legally binding document stating what you would want to happen to your assets, who is eligible for them, and who cannot inherit them. A will should be drawn up by a lawyer, dated, and signed by the person making it.
An agreement about your assets can help keep family members’ interests aligned without arguments and court fights in separation or divorce. This can also help prevent arguments about what happens to your wealth before the court issues letters of testamentary.
2. Helps Reduce Uncertainty
Speaking with someone you trust, like a family member or friend, about what you would like to happen to your money and assets is an excellent way of keeping your wishes known. It can also help reduce stress and uncertainty over what will happen to you and your loved ones.
3. Save Time
You don’t have to deal with limited life insurance or estate planning issues if you’ve thought through what you want before you die. Additionally, gathering your assets and identifying who should inherit them saves time for your loved ones and allows them to focus on productive issues.
4. Provides Peace of Mind
It’s stressful to decide what you want, who will care for your kids, and which assets will go to whom. If you leave this up to others, it can cause a lot of stress for them and you because they don’t know if they are making the right decision. For this reason, it is recommended that you know what you want in advance. If you do this, you can make the best decision for yourself and your loved ones.
5. Reduce Legal Fees
If you have a lawyer draw up your will, it’s much easier to understand your wishes and who will make decisions about them. Estate planning professionals can be so helpful with these critical decisions and provide valuable information to help make these choices.
6. Easy to Implement
Having your wishes written down in an agreement with those who will make decisions about them is easy to understand and implement. Having these documents can help everyone avoid discussions during a stressful time, like a funeral or the leaving of a loved one. It can also avoid confusion for family members and other beneficiaries unaware of your wishes.
If you have created a will or trust and have named an executor, your wishes are easy to carry out and can provide security for your loved ones. The executor is responsible for seeing that your terms will be carried out according to your instructions. Having an executor can help you avoid probate if there is no will left behind.
7. Prevent Probate
If you want to keep your assets out of probate, knowing your wishes is the best way. According to your estate plan, a will can be created to prevent probate if all assets are assigned to the appropriate person. Legal documents and letters about your wishes can also avoid probate in some situations. Having a will can also save you and your family money when it comes to taxes by avoiding probate challenges. In addition, you will be saving your loved ones from creditors and other parties that might try to take advantage of a situation like an inheritance or money from life insurance policies.
8. Designating Guardians for Your Children
Another advantage of having your wishes known is that it can help designate guardians for your children. This will help you ensure that your kids are in safe hands if you pass away and helps them keep a sense of normalcy. Additionally, it gives your kids a sense that they are part of your future even though you’re no longer physically with them.
Having something in writing makes it easier to lay out your wishes before you pass away. Additionally, lawyers can help with the complex legal processes involved in ensuring that the terms of your will are carried out.
