Are Your Finances Protected By A Will?
Have you ever given thought to what happens after you pass? This question is often considered in the metaphysical sense, but there are also some very real effects your passing will have on the world you leave behind. Without a will, those effects can be catastrophic to your assets and your family. Here are some things you need to know about the protections a will can provide against these effects.
What Protections Do Wills Provide for Your Finances?
Without a will, your entire estate will fall into intestate, which means your assets will be distributed by the state. When this happens, the probate court will use a formula to determine who gets what assets. That formula usually gives half your assets to your spouse and the other half to your children, but it doesn’t consider the finer points of asset division or your family dynamics:
- When dividing your estate, valuations could prompt the state to sell property in order to divide its value. This could force your spouse and/or children to move from the home you had together.
- If you have a child who is unfit to inherit, perhaps they have a problem with alcohol or drugs, then a will can prevent them from inheriting money that could be used to feed their addictions.
- If you had children by an ex-spouse, a will can also prevent that ex from inheriting money from your estate.
- A will can also include cousins, nephews/nieces, or non-blood relations in your line of inheritance. The state is very unlikely to recognize such indirect relations.
- Through a will, you can also appoint an executor to oversee the distribution of your property and assets, which can also help to prevent infighting amongst family members.
In the end, a will can provide for the family you leave behind and protect them as well. It can prevent drawn out probate lawsuits, and it can make sure your family home is secured for those you leave behind. However, there is so much more a will can do to protect you loved ones and the finances you leave behind. Wiegand Attorneys & Counselors help smooth the rough oceans of probate, so your ship can sail smoothly into the future—here are more securities we can help you provide with a will.