One of the most important things you can do for your family is to have a written will before you die. Having one legally protect your loved ones and assets. With help from professional attorneys Fairmont WV, a will spells out how you want your affairs handled once you have passed on.
Your Will Spells Out How Your Estate is Distributed
Technically, a will is a document that gets upheld in a court of law. You decide how assets within your estate gets handled after you die. Without a document outlining what you want done with those assets, the court will distribute them the best way they deem fit.
Having this document minimizes the chance that family members will fight about your estate. You have already detailed who will receive which parts of your estate, the amount and when they can have your assets.
You can also take the lead in deciding who will to take care your children until they become legal adults. Otherwise, the court chooses who should have custody. The court may select a state-appointed guardian or a close relative.
Your Loved Ones Avoid a Lengthy Probate Process
Even estates that have wills are required to go through the probate. Having one simply speeds up the process. Generally, probate court administers your estate to ensure your assets are legally transferred. The court uses your will to know how you want your estate divided.
Otherwise, family members and friends could spend years and a lot money fighting over who should receive parts or all of your estate.
A Will Minimizes the Amount of Estate Taxes Family Members Must Pay
Another good reason to have a will is so you can minimize the amount of estate taxes. What you decide to give away to loved ones and/or charity reduces the total value of your estate. This means that the amount of taxes owed for your estate is what is left.
There are many reasons that you should have a will. Since it can be overwhelming, hiring an estate planning attorney who knows West Virginia’s laws makes it easier. He or she will ensure your wishes are crafted into a legal document.
