Many people fall into the trap of believing that estate planning is not relevant to them. Perhaps they think that they are too young to think about it, or maybe they are of the opinion that estate planning is only for wealthy individuals.
In any case, they are probably mistaken. Nobody knows for sure what is around the corner and people tend to start building up assets as they reach adulthood, and even beforehand. If you don’t address estate planning, then your assets will be distributed according to the intestacy laws of the relevant state. These are unlikely to match your wishes precisely. A will is an estate planning tool that gives you the chance to set down your wishes in stone. There are numerous benefits to drafting a will, with some of the key advantages outlined below.
Make specific arrangements for your children
As a parent, your children will always be your top priority. While your intentions may be to stick around until they have grown up, there is no harm in planning for expected events. Drafting a will doesn’t mean you are going anywhere, it just means that you are planning for all possibilities. A will allows you to designate guardians who will look after your minor children, so you know that whatever happens, they will have a suitable upbringing.
Reduce tensions among the family
If your wishes are clear and in writing, then there is less room for dispute. Disagreements over inheritance often bring out the worst in people, and the wounds from such arguments can take a long time to heal. By having a will in place, you can avoid all of this and challenges to your final wishes are much less likely to be successful.
Estate planning is important for both you and your family members. As you make plans going forward, always remember to keep your legal rights in mind.