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Should I draft a will?

| Jun 26, 2020 | Estate Planning |

Wills are a useful legal document that helps ensure the assets and estate of a testator (the person who makes the will) disperse to their designated loved ones after their passing. Many people believe that only wealthy people need wills, but the truth is that most people can benefit from a will. Would drafting a will help secure your future by protecting your wishes?

More than half of all adults do not have a will. Without a will, an estate will go to probate, which can take weeks, months, or years to finalize and cost a considerable amount of money along the way. Here is what a will offers to help protect your best interests and last wishes:

Determine where your property will go

Will can specify who receives what assets or property of the decedent. It can also declare who cannot acquire assets for any reason. This function helps a person ensure that only the people they choose can receive any part of their estate.

Guardianship establishment

If a testator has children or other dependents, they can use a will to specify who will take guardianship over them after the testator passes. Determining custody can keep a child or dependent from winding up under the care of someone you would never have picked.

Create a health care directive

If tragedy or illness should strike and leave you incapable of acting on your behalf, a healthcare directive can leave no question about your wishes. A testator can specify what they want to happen in the event of falling into a coma, how long they want to stay on life-support, or even when they consent to amputation, or they would want to fight to keep a limb.

Who benefits from a will?

A will is not just for the rich or those with a sizable property. Anyone who wants to protect their wishes towards their health, dependents, or estate can create a will to protect their best interests.