Posted July 13, 2016
The Will to Get a Will
It can be difficult to plan for life’s unforeseen obstacles — making time and space to plan for exciting changes, let along hardships, is a challenge for the best of us.
Still, preparing a Last Will and Testament is one of the easiest things you can do to know that your loved ones are cared for. Consider the following benefits to keep your loved ones safe from layers of bureaucracy during an already difficult time:
Control Your Destiny
A will can protect both your family and assets after your passing, specifically spelling out how you would like your estate to be settled. And though laws vary from state to state, the lack of a will means the government will split your belongings according to generic laws. Prevent your estate from ending up in the hands of someone you did not intend by taking the time to determine the “who, what, and when” of your parting wishes.
The value of what you give away to family members or charity will reduce the value of your estate. This reduction in Inheritance Tax reduces the amount owed on the value of the property and money you leave behind.
Care for Children
Without a will, the court has the authority to select a family member or a state-appointed guardian to provide care for your minor children. Rest easy knowing that your children are with trusted individuals you appoint to keep them happy and safe by laying out the terms of their care in your will.
Make Gifts & Donations
Let your legacy live on by including charitable donations in your will. Beyond the philanthropic benefits, gifts up to $13,000 are excluded from taxation thereby increasing the value of your estate for your heirs and beneficiaries to enjoy.
While it can be easy to put off, creating a will doesn’t have to be stressful and changes can be made, as needed, throughout your lifetime.
Let BNA work with an estate planning lawyer to help you draw up a basic plan. Isn’t it worth avoiding the added stress on your family and friends during an already emotional time? Reach out today and rest assured that your loved ones will be cared for.