It is essential to plan for the future. It is even more imperative to prepare for the future if you are a homeowner with a bond. A Will is important if you have property because you don’t want your family and loved ones to be without a home.
An attorney or financial advisor can help you draft your Will. The Will must be printed and signed by impartial witnesses in the presence of the testator; this will make it valid when you die. Each page must be signed by all parties and must also be dated to ensure the most recent version.
Read on to discover why you need to have a Will as a homeowner.
It helps your loved ones to save time, money, and stress.
Most estates go to the probate court to commence the legal process that oversees the distribution of assets. However, the court process (also referred to as intestate administration) will be complicated when there is no Will. In the absence of a Will, the court will name an administrator to administer your estate. This can be expensive and time-consuming for your family members.
The court process will be streamlined when there is a Will. When there is a Will, you will be able to choose the person you want to oversee your estate; thereby making the court process easier for the loved ones you leave behind.
It helps you determine who will manage your estate.
As stated above, one of the most important reasons for having a Will is that it helps you decide who will be in charge of your estate. When you write your Will, you will be a ‘testator’ and will be able to nominate an ‘executor.’ The executor is the person that will wrap up all your affairs.
The role of an executor is an important one. The individual can help you close your bank accounts and liquidate your assets. So, it is vital to choose a reliable and capable of executing these tasks. The court will pick an executor for you if you don’t select one in your Will. The person the court chooses may not be who you want.
It helps you decide who will get your property.
A Will helps you decide those that will get your property. Being the testator, you can name the beneficiaries for certain assets. Also, you can name those that will get any property that is not listed (i.e. the residuary of your estate). If your executor is in charge of your Will, they will handle the distribution of these assets.
If you are not aware, a Will also helps you ensure that some individuals do not benefit from your assets and property. For instance, you can use a Will to prevent your former spouse from inheriting your estate. Also, you can use a Will to ensure that your loved ones get a fair share of your property.
It reduces the occurrence of family disputes.
It is important to have a Will if your family dynamics are complicated. If you pass away without writing a Will, your family will be the one to guess what your final wishes are. There is a high chance that there will be disputes because they will not agree. This disagreement can lead to fights, which may last a lifetime. Writing a Will solves this issue by getting rid of any guesswork.
It helps you decide who takes care of your children.
Your Will allows you to inform the court about who you want to be the guardian for your children if you die while they are still minors. If one of the parents passes away, the other parent will have sole legal custody in an ideal situation. If both parents pass away, there needs to be someone else who will provide the children with food, shelter, clothing, education, healthcare, and other necessities of life.
The person you decide to be your children’s guardian must love them and must also meet their emotional needs.
Why do you need to update your Will?
You need to revise your Will and update it whenever your living situation changes. For instance, if there is a divorce, when you have a new child, or if you marry a new spouse and lots more. It is advisable to update your Will at least once per year. Updating your Will each year ensures that all the properties you have bought or sold are included and eliminated from your Will.
Should you have a Will if you are single?
Yes, it is advisable to have a Will if you are single. A Will helps you determine those that will get your home. You will be able to name guardians for your kids and nominate an executor. You will also be able to put your wishes in writing. As a result, your loved ones will not be confused about your intentions.
Get in touch with an Attorney about making a Will today!
If you jointly own a house or other properties, such ownership is held under an arrangement referred to as a ‘tenancy in common.’ If one of the owners passes away, the individual’s share in the property will not automatically be passed to the surviving owner. If both of you have decided to give your share to each other after death, you need to have Wills that will reflect this decision.
As a homeowner, a Will reduces the amount of inheritance tax paid on the property left behind. Your home’s value can skyrocket the value of your estate over the threshold for inheritance tax.
More so, writing a Will helps you state what should happen to your estate. It also allows you effectively plan for inheritance tax.