Wills are one of the most important estate planning documents. Fortunately, they also happen to be one of the easiest to draft. Everyone benefits from having one, regardless of their age, financial situation, or family dynamic. John E. Bach Attorney at Law in Goshen, NY, has been providing quality counsel and guidance to area residents on such matters for over 30 years. He explains some of its advantages below.
Why Draft a Will As Soon As Possible?
1. Protect Any Dependents
In last wills, parents can designate a guardian for children who are still minors when they pass. If something were to happen to both parents before either drafted the document, the state would determine who would look after their kids. Although the courts try to base this decision on the best interests of the children, that does not necessarily mean they will end up designating the same person whom the parents would have chosen.
2. Ensure Everyone Who Matters Is Included
In a will, you can distribute assets and property to specific beneficiaries. If you die without one, the state’s laws of intestate succession will determine who gets what. The most likely beneficiaries under intestate succession are spouses, children, parents, and siblings. If there are others whom you wish to bequeath property to, like a stepchild or a close friend, you must do so in a will. Otherwise, they will have no claim to any portion of the estate.
3. Minimize Issues During Probate
Those who plan on leaving everything to their spouse and children anyway may think that the simplest route is to let the laws of intestate succession apply. However, will allows you to do so much more than distributing assets among loved ones. For example, creating a comprehensive estate plan will prevent disputes and streamline the probate proceedings so that beneficiaries can gain access to their inheritances sooner.
If you need to draft or update your will, turn to John E. Bach Attorney at Law. Based in Goshen, NY, this seasoned lawyer helps clients devise reliable documents to protect themselves and their loved ones. He’ll guide you through the entire process to ensure your preferences and best interests are reflected. Visit the practice online to learn more about the unparalleled legal service he offers, or call (845) 294-7941 to schedule an initial consultation today.