Friday, October 19, 2012

The Benefits of a Will

Following my previous post, I hope you have all decided it is important for you to create a will.  This post will expand on the previous post and provide you with some of the benefits of having a will in place.

First, you have control.  It is within your power and control, even once you have passed away, to determine who obtains your assets.  You determine who will obtain the necklace that your grandmother has passed down to you, the china set of dishes you and your spouse received on your wedding day, your beloved 1969 camaro, etc.  It is within your power to ensure that the sentimental items you have held onto over the years are given to someone who will appreciate them and pass them down as well.  It is within your control to ensure that your children and grandchildren are taken care of with the money you saved up.  With a will, you have control over your assets after you pass away.

Second, your children are taken care of physically and financially.  By this, I am referring more importantly to minor children who could be left without a parent.  With a will you can determine who you want to take care of your children on a day-to-day basis as well as who will manage their finances until they mature.  In this sense, you have the capability to continue to care for your children, by providing this framework to them, after your death.

The final benefit I will discuss is maintaining familial peace.  Regardless of whether you care who obtains your assets, having a will in place will help prevent your family from arguing over your assets.  While you may think your family would never argue over material items, it is better to prevent the problem by having a will.  With a will in place, you will not have sisters fighting over your wedding ring or brothers fighting over that beloved camaro.  Having a plan set out as to who gets what will prevent this unnecessary tension within your family.

I encouraged each and every one of you to consult with a lawyer and have a will drawn up, even if it is a simple will.   Please feel free to contact me if you would like to discuss the issues surrounding wills further.