Death is an inevitable part of the circle of life. It is the one thing that no one can avoid. Rather than leaving your family in dire straits, it is prudent to plan ahead by drafting a will. Most people think that wills are merely to ensure that their assets are distributed evenly, but having a will in place can do so much more.
- It decides who handles your assets. A designated person to handle your estate is labeled as an executor. It is the executor's job to make sure your assets are properly distributed.
- It sets up trust funds for beneficiaries. In many cases, funds are not immediately distributed to beneficiaries, especially those who are underage. A will gives provisions for the delayed disbursement of assets.
- It names guardians for offspring. Most importantly, making provisions for the futures of your children requires a will. This ensures that your children are taken care of. In the event that you die while your children are under 18, a will designates who will take care of your children.
It is important to have a will to ensure the care of your loved ones after your passing. To get advice on how to begin the process of creating a will, contact Reed Law today.