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Protecting Assets: The Importance of Creating Legal Family Wills

Do you have a will? Do your family members host wills? If not, who’s to decide what will happen to your dependents and/or assets if you pass. No one wants to consider an untimely death, but the truth of the matter is that we don’t know when or how an accident might occur. But it’s smart, and in many cases, necessary, to have a will in place. This is the only way you can ensure things will go as you want them to in the untimely event of your passing. Wills can always be updated and adjusted as you age, your dependents’ age or you acquire more assets. Your will can always be adjusted by you, as it includes your final wishes that will be legally followed.

A will is important in that it will determine a number of things: who gets custody of any dependents, who retains assets, who gets funds, who might maintain family heirlooms, etc. If you have a large number of assets, it’s even more important for you to put a will in place. This means that your dependents will receive what you wanted them to get. It can eliminate the need for a legal battle or fighting session over what was possessed. But aside from all the Hollywood movie drama, a legal will just makes things easier on your family. It removes them from having to perform certain due diligence tasks or to track down ownership rights. It lays everything out in the open and lets everyone know how to move forward.

Who Needs a Legal Will?

It’s a good idea for every legal adult to create a will. However, if you have kids or a substantial amount of money and/or assets, this is especially true. These are things that are more likely to cause a ruckus if you are gone. Family members (or even friends) will fight, causing tension and bad blood among those you love.

If you do not have dependents, it’s also a good idea to create a legal will, as it might be unclear as to who inherits your belongings. In most cases, children or grandchildren will be left items that have not been listed in a will, but if those family members don’t exist, things can get murky and messy. The same goes for children. If you don’t want your kids to be left with direct family members, it needs to be on paper. Even if you do want your kids left with family members, it needs to be listed who will get them and under what circumstances. Otherwise, there might be a custody battle in play to determine who will get the kids.

In short, it’s a good idea for every adult to have a legal will in play. Contact your lawyer about setting one up, and remember that you can always add adjustments in the future.

A will doesn’t have to be a scary document, but rather something that lists our final wishes and ensures they’ll be fulfilled.

To learn more about creating your own will, contact us today.

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