No one can predict how their future will unfold, but there are measures anyone can take to regain some agency over it. Writing out a thorough will may seem like an exercise in morbidity, but the benefits – for both you and your loved ones – far outweigh the grim implications.
You can decide how your property gets divided.
When you think of writing a will, this is most likely the first aspect of the will you consider, and for good reason. Drafting a will gives you the option to provide for your loved ones after you are gone according to their unique needs. You know your loved ones and your estate better than anyone else, so you are the most well-equipped person to determine which beneficiaries should receive certain assets. If you die without a will, it is unlikely that your vision for your estate and the future of your loved ones becomes a reality.
Drafting a will also gives you the opportunity to disinherit an individual or individuals that could claim a portion of your estate.
You can protect your minor children.
Your children are an important part of your life and an enormous part of your legacy. Tomorrow is never promised, and if something should happen to you, you want to ensure that your children will be in good hands. Your will can designate someone to be your children’s guardian. Without a will, the state of Minnesota will appoint a guardian, and that person may not necessarily someone you would trust with your children’s upbringing.
You can choose who takes care of your affairs.
In life, you have people you know you can trust to make decisions on your behalf. When you can no longer make decisions about your estate, you want your assets and your affairs to be in capable, trustworthy hands. By designating an executor in a will, you can give someone you trust the power to distribute your property, pay off your debts and notify important entities of your death.
You can make donations to causes and organizations that matter to you.
Over the course of your life, you may find causes that you are passionate about or become involved with organizations that mean a great deal to you. In a will, you can set aside funds that will keep the lights on at that animal shelter or help first-generation college students pay tuition at your alma mater.
You can change your mind when you need to.
The best part of a will is its flexibility. Your relationships, your family and your estate grow and change in countless ways throughout your lifetime. Certain wills provide you with the ability to change your will to reflect those important changes.
No matter where you are in life, planning for the future can create a better situation for you and your family. You can rest assured that your loved ones are cared for when you are no longer there to care for them.
Your will should be a carefully crafted and well-thought-out document. A skilled wills attorney can help you find the best options for your estate and your family situation.