Everyone knows that drawing up a will is important. And yet, many people procrastinate. Whether it’s because they’re young and aren’t ready to think about what will happen to them once they pass on or because schedules are too consuming and cause the delaying of the process, leaving a surprising number of people to remain intestate. Not having a will can leave you unprotected and make you feel uncertain and anxious. Give yourself some peace of mind and start securing your future today.

Why Having a Will is Essential

A will is an essential legal document. In its simplest terms, it determines what happens to your assets when you pass on. Wills often cover a wide array of belongings, from houses to prized keepsakes to digital assets. While many people—especially younger people—may feel like they don’t own many possessions, the fact is that most folks own more assets than they think. Drawing up a will is the best way to ensure that they pass on to the right person.

In addition to dictating the distribution of assets, wills also serve several other functions. For example, if you have any minor children, your will allows you to name a guardian for these children to ensure that they are taken care of according to your wishes. Finally, a will dictates how any debts you may owe will be covered. This is especially important so that you don’t saddle any loved ones with unexpected obligations that they may have difficulty meeting.

Whether it’s ensuring that your prized possessions find their proper homes, that your children are provided for, or that your family is protected from debt, having a will is the best way to ensure peace of mind for you and those around you.

Should I Set up a Trust?

While a will is a great way to protect yourself and your family when you pass on, another option that many people consider are trusts. In this arrangement, you transfer your assets over into a trust which is then managed by a hand-picked individual known as the trustee. The trustee then distributes these assets according to your wishes after you’ve passed on. Trusts have several advantages over wills. The chief one is that they are not subject to the lengthy and burdensome probate process in which a will is evaluated and approved by a court. There are several different types of trusts, such as revocable and irrevocable. Check with your estate planning attorney to see which option is right for you!

 

Contact Deliberato Law Center

If you have any questions about setting up a will or trust, we’re here to help. The estate planning attorneys at the Deliberato Law Center have many decades of experience assisting our clients in securing their legacies. To find out more, check out our own Mathew Deliberato in conversation with Andrew Jaloza on this helpful podcast or fill out the form below.