You work hard to support your family, which is why it is so important to be proactive in creating a will to care for your loved ones after you are gone. A Last Will and Testament, as well as Power of Attorney details, determine the way your assets and estate will be handled when you pass away.
How a Will Protects Your Family
If death occurs unexpectedly and you don’t have a will in place, it can cause a domino effect of problems for your loved ones. These consequences can be easily avoided if you are proactive in finalizing this legal document. Here are a few of the ways your family will be protected by your will:
· Beneficiaries Named: Your will holds details about beneficiaries and how assets should be distributed. Both physical items and monetary distributions will be divided based on your written requests. Additionally, you can provide instructions for family items with sentimental value. This structure minimizes disagreements among surviving family members.
· Manage Estate Tax: In many situations, taxes are a part of life. But the right estate planning strategy can minimize the amount of estate taxes that are paid. The federal estate tax rate can be as high as 40%, which is a significant portion of your estate. This number can be lowered by working with an estate planning attorney to implement estate planning options.
· Guardians for Children: If you have children under the age of 18, it’s important to designate your choice of guardianship for the children. You may talk to the selected guardians in advance to discuss this designation. Also, consider naming multiple guardians in order of preference, in case your top choice is not available to assist due to unforeseen circumstances.
Legal Help for Creating a Will
It might seem like a daunting task to create a will, but this process can be simple if you are working with an experienced attorney. Our team at Miles & Hatcher, LLP provides the support you need for will creation, estate planning, and more. Contact us to learn more about these services: (909) 481-4080.