Benefits of Writing a Will
Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, but it can also spell out exactly how you like things handled after you pass on. While it’s a morbid topic to consider, it’s important that you do. Here are the top reasons to make a will.
You decide who executes your estates.
Through a will, you will get to manage your estates for when you pass. Appointing a trusted executor of your choice in your will helps ensure your estate is managed according to your wishes. An executor’s role also includes winding down your final affairs, such as closing credit cards and bank accounts and paying final bills.
You decide who will take care of your minor children.
A will allows you to make an informed decision about who will take care of your minor children when you pass. If a will is not written, the court will decide which family member will be responsible or appoint a guardian.
You can minimize estate taxes.
A solid reason to have a will is because it allows you to minimize your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it is time to pay estate taxes.
You can choose who inherits your estate – and who doesn’t.
A will is designed to specify who receives your possessions upon your death. It makes it clear which individuals or organizations (such as a charity or university) receive all or part of your property when you die. A will can also be used to disinherit people who may otherwise be entitled to receive a portion of your estate. Remember to update your will yearly to reflect life changes (such as a divorce or birth of a child).
You can make gifts and donations.
The ability to make gifts is a good reason to have a will because it allows your legacy to live on. It also allows you to help others even after you’ve passed. Be sure to check the current laws for your year to learn the most up-to-date gift tax exclusions that could help your heirs and beneficiaries.
Do you need help planning for the future? Contact Perry & Carroll, your trusted insurance experts in Elmira, New York. We can help with personal and commercial insurance, as well as life and health lines!