As a parent, your essential duty is protecting your children and their well-being. Since death is inevitable, keeping your family and children protected even after you leave the earth is important. That’s where a “will” comes into play.
A “will” is a legal document that contains instructions on how your property and assets should be distributed when you die. These six signs will help you realize that it’s the perfect time to write a will for your children.
1. Proper Distribution of Your Estate
You might have earned a healthy amount of assets and properties throughout your life. If you don’t distribute your assets before you die, all your assets will be distributed according to the Intestate Succession Act. So, it’s obvious that you want to give these assets to your children.
If you want to distribute your properties among your children, you need to prepare. You can decide how your estate should be distributed by writing a will. If you’re living in Georgia, you must fulfill the criteria for a “Last Will And Testament.” Learn about them to write a perfect will that reflects your desire and vision.
2. You Want to Choose an Executor
You have worked to establish your properties all your life, and you don’t want your assets to perish after your death. That’s why appointing someone as an “executor” who’ll look after your estate when you’re gone is essential. This executor will perform tasks such as paying your debts, managing your properties, and distributing your assets.
You want a trustworthy and competent person to handle such tasks. By writing a will, you can choose who’ll become the executor after your death. This will give you the freedom of choice and peace of mind that your properties are in safe hands.
3. Legal Guardians for Your Minor Children
If you have children who are yet to become adults, you must consider their well-being after your death. You are their legal guardian, and you’re obliged to take care of them in your lifetime. But after your death, your minor children will lose you as their guardian.
The government will take over the proceedings after your death and decide how much money goes to your children. Without a legal guardian, your children can face complex problems such as the inability to access the funds or get the proper care.
The best way to avoid such problems is by writing a will that states who will become a legal guardian after you pass away. In this way, your children will be in safe hands after your death. You can appoint one of your relatives or a trusted person who’ll take responsibility for your children. So if you need someone to be a legal guardian, that’ll be the best time to write a will.
4. Financially Securing Your Family’s Future
As a parent, you must want your children and family to be financially stable. But your death can jeopardize your family’s financial condition in many ways. To avoid such a scenario, you must establish a trust that will secure your children’s future.
Using your assets, you can set up a trust that will provide for your children. That trust will cover your children’s education, medical, and other necessary expenses. You can also decide what amount of money will be used.
If you want to create a trust fund after passing away, you must prepare a will. The trust will abide by your instructions. Hiring a lawyer can ensure your assets are being used properly. Thinking about your family’s financial stability is a good sign that you should start making a will. Hiring a lawyer can ensure your assets are being used properly.
5. Paying More Inheritance Tax
As a part of the legal proceedings, the government will charge inheritance taxes from your estate after your death. The inheritance tax will depend on the number of properties and assets you leave behind. At times, these taxes can reach a substantial number and reduce your total estate.
The ideal way to reduce the inheritance tax is to write a will that distributes your estate among your children. Leaving your properties to your children is likely to generate a lower inheritance tax bill. Besides, appointing tax consultants will help you reduce taxes by applying different strategies.
So if you want to avoid inheritance tax, now will be the best time to make a will.
6. Prevent Your Family From Fighting Over Assets
Family should be one of the strongest bonds, but it can often be broken because of property disputes. Family members fighting over properties is a common phenomenon in society. It’s usually quite unpleasant and sad to see brothers and sisters ruining their relationships over assets. Sometimes these disputes can last a lifetime.
One of the main reasons for these disputes is not having a will that distributes the assets among family members. As most people don’t make a will, family members and children get confused about the distribution of wealth after death. Not having clear instructions on property distribution will create ambiguity, leading to arguments and fights.
If you also have complicated family dynamics, then take that as a sign to make a will. The will should eliminate the guesswork and give proper instructions on the property distribution among the family members. Thus, it will keep your family bonding intact and remove confusion.
Conclusion
Making a will can resolve several problems and secure a better future for your children. It also ensures better care of your assets even after your death. With these signs mentioned above, you can understand when it’s the perfect time to make a will and act accordingly.
