A will is a legal document that spells out your wishes regarding how your assets are distributed and who will be in charge of managing your affairs after you are gone.
The benefits of drafting a Will:
You determine how your estate will be distributed. Without a will, the courts will determine how your assets are distributed among your family members. A valid will organizes asset distributions and minimizes any disputes your family members may otherwise have about your estate. You can also name an “executor” in your will, who is someone who will help ensure your wishes are carried out.
You decide who will be the guardian(s) of your minor children
You can nominate a guardian to care for your kids in your will. If you pass away without establishing a guardian in your will, the court will determine who will take care of your children.
You protect your business
If you own a company, you can determine who will be the heirs or co-owners of your business when you pass away. When it comes to a family-owned business, a lack of estate planning can often mean the end.
You can contribute to charity or make donations
Besides distributing your assets among your spouse, children, and other loved ones, a will can also be used for giving back to the community through donations and charitable contributions.
Give your loved ones peace of mind
Losing you could be incredibly hard for your loved ones to deal with. The last thing they want to do is deal with more uncertainty instead of less. With a will in place to provide clarity and certainty, your family can grieve in peace.