If you’re young then you may not have thought about estate planning yet. If you’re an elderly individual then you may feel intimidated by the process. The truth is that estate planning can benefit anyone and drafting a will is something that you should certainly think about.
Having as much information as possible is always beneficial. So, what can a will do for you and why should you consider having one drafted?
Leaving an inheritance behind
If you’ve worked hard for years then you really want the proceeds of that work to go to good use. If you become incapacitated then you cannot take the money with you. What better thing to do with it than to leave it to your family and friends? A properly drafted will can ensure that this happens.
Of course, it isn’t all about riches and money. Perhaps there are items of sentimental value in your family that have been passed down through generations. A will can also ensure that your treasured family heirlooms are passed on according to traditions.
Caring for those in need
Ideally, you’ll always be around to guide your children. However, there is no harm in being prepared for all scenarios. If something were to happen to you and you have no provisions in place for the care of your children, they could end up being left in the care of a family member that you disapprove of. With a will, you are able to nominate people as guardians to bring up your children in a manner that you see fit.
While you can draft a will on your own, this really isn’t advisable. It will serve you well to seek some legal guidance before making any changes to your estate plan.