Procrastination is real for a lot of people. In fact, studies show that around 20% of adults procrastinate chronically. When it comes to preparing a will, many people kick that can down the road for many reasons, like “I’m too young,” or “I don’t need one.” This thinking is misguided.
One of the primary reasons for creating a will is to determine how your estate will be distributed upon your death. Having a will ensures that your assets go to the people you intend to have them. At Borakove Osman LLC, we have been helping Madison area clients with will preparation for years. See below for our thoughts on the many benefits of preparing a will.
Make Sure Your Assets Go to the Right People
By acting now and preparing a will, you can:
- Designate specific beneficiaries for different assets, including family members, friends, or charities.
- Prevent disputes among family members by clearly outlining your intentions.
- Ensure that sentimental or valuable assets are given to those who will appreciate them most.
Protecting Minor Children
If you have minor children, a will allows you to appoint a guardian who will care for them in the event of your passing. Without a will, the court will decide who takes custody of your children, which may not align with your preferences. Benefits of naming a guardian in your will include:
- Your children will be raised by people you trust.
- Preventing legal battles among family members over custody.
- Providing financial security and planning for their future needs.
Minimizing Family Disputes
A well-drafted will can help reduce potential conflicts among your loved ones. Family disagreements over inheritance can lead to prolonged legal battles and strained relationships. Through the clear setting out of your wishes in a binding legal document, you can:
- Reduce confusion and prevent misunderstandings.
- Address any special considerations, such as the needs of a disabled family member.
- Provide clear instructions to your executor, simplifying the probate process.
Avoiding Intestacy Laws
If you pass away without a will, Wisconsin’s intestacy laws determine how your estate is divided. This can result in outcomes you might not have wanted, such as:
- Assets being distributed strictly among legal heirs, without consideration of your personal relationships.
- Unmarried partners or stepchildren potentially receiving nothing.
- Lengthy and costly legal proceedings for your heirs.
Reducing Taxes and Legal Costs
A well-structured will can help minimize estate taxes and administrative expenses. Through careful estate planning, you can:
- Use tax-saving strategies to maximize what your heirs receive.
- Reduce probate costs by clearly designating asset distribution.
- Expedite the transfer of assets, avoiding prolonged legal procedures.
Appointing a Trusted Executor
Your will allows you to name an executor who will manage your estate and ensure your wishes are carried out. This trusted individual will:
- Handle financial matters, including paying debts and distributing assets.
- Work with legal professionals to get through the probate process.
- Ensure a smooth and efficient settlement of your estate.
Peace of Mind for You and Your Family
Perhaps the most valuable benefit of preparing a will is the peace of mind it provides. Knowing that your affairs are in order allows you to focus on enjoying life, confident that your loved ones will be taken care of according to your wishes.
Call Experienced Madison & Dane County Will Preparation Attorneys
Don’t procrastinate. Creating a will is a straightforward process and so essential to protecting your assets and your family’s future. At Borakove Osman LLC, our experienced estate planning attorneys in Madison, Wisconsin, will help you draft a legally sound will that reflects your intentions and safeguards your legacy. Reach out today to schedule a consultation.
