Avoid These Problems By Creating Your Will

Have you not put any thought into estate planning? It may be due to thinking that you don't have many assets, or that you simply won't have to deal with problems when they come up. At the very least, it's important to have a basic will to help prevent the following two problems that will come up after you pass away.

Dividing Assets

Many people assume that they don't need to create their will early on in their life, because all assets from a deceased spouse will automatically go to their partner. Continuing to delay the creation of a will can lead to an issue of dividing assets when the surviving spouse eventually passes away. There is often not a plan in place, which can become complicated with figuring out which children or relatives receive the assets from the estate.

When you do not have a will, all of the decisions will go to the state to determine how those assets are divided. This process is not free either, since you need to pay for a probate lawyer to make these decisions for you. These costs come from the estate, and must be paid before assets are divided. This takes money away from those looking to receive a part of the estate.

Once the state has control of those assets, there will potentially be fights over how they are divided. If you have kids, there may be arguments about who gets the home or vehicle, or how money is split up. Having a will should help avoid arguments between family about who will get which assets, since it will be split up according to your wishes.

Speeding Up the Process

When the division of your assets are uncertain, it takes time in order for the state to figure it out. The whole process is going to take a long time, much longer than if you created a will. You may have family members that are hoping to receive assets from your estate, but find that it is tied up in probate for months or years to get in front of a judge for them to make a final decision about what to do with everything that you own.

If you're not sure where to start when making a will, meet with an estate attorney in your area. They'll ask you the right questions to ensure that everything is included in your will, and help ensure that it is executed properly after you eventually pass away.