Mt. Juliet and Lebanon TN
Having a will in place is one of the most important things you can do for yourself and your family. A will not only protects your assets, but it also spells out exactly what you want to happen to your assets and belongings after your death. You can get a will in Nashville from experienced attorney Yancy Belcher. Here are the top 10 reasons why everyone needs a will.
- Decide how your estate is to be distributed
Since a will is a legally-binding document, it determines exactly how you want your estate handled upon your death. Without a will, there can be no guarantees that your wishes will be carried out accordingly or that your family or loved ones are protected. Plus, a will helps prevent fights among family members since the document outlines exactly how your assets are to be handled.
- Decide who takes care of your minor children
If you are a parent with minor children, having a will is of significant importance. It allows you to legally document who will take care of your children in the event you and your spouse die. Otherwise, without a will, the state will appoint a guardian, which may or may not be who you would have chosen.
- Avoid lengthy probate
With or without a will, estates must pass through the probate process. However, a will can help speed up this process. With a will in place, the probate will tell the court how your assets are to be handled. However, without a will, the court will decide for you. Not only is this a lengthy process but your assets may end up in the wrong hands.
- Minimize estate taxes
Having a will in place helps decrease the amount of estate taxes that your heirs will pay upon receiving your assets. It is similar to donations in that your heirs would pay a lower tax rate for their inheritance.
- You choose the executor
An executor ensures final details are taken care of such as paying bills, shutting off utilities, notifying financial institutions, and the like. Sometimes, the executor you choose may not even be a relative. Without a will, the court will appoint an executor to handle these affairs, which again, may not be the person you had in mind.
- You can choose who and who does not inherit
With a will, you have the ability to disinherit individuals, if you so choose, from your will that would ordinarily inherit a portion or all of your assets.
- Elect donations or gifts
In your will, you can choose to leave a portion of your assets to charity or distributed as gifts. Gifts with a value of $13,000 or more may be excluded from the estate tax.
- Avoid legal complications
When you die, your will states exactly who is to receive what, which comes in handy for sticky family situations where you may not want someone to inherit your assets. For instance, an ex-spouse could stand to inherit your assets if you do not spell out your wishes in a will.
- Can be changed at any time
Just because you get a will drawn up by an experienced attorney doesn’t mean that you cannot change it when necessary. Marriage, divorce, death, birth, or other life changes may warrant necessary changes to your will. You can meet with your attorney at any time to update your will.
- Tomorrow may never come
None of us are promised tomorrow, which is why you should not put off getting a will. You owe it to your family members to make an already emotional situation a bit easier to deal with by having a will in place.
Estate Planning in Nashville
To learn more about estate planning or wills in Mt. Juliet or the greater Nashville area, please contact the Law Office of Yancy Belcher by calling (615) 773-2889 to schedule a free consultation.
The Law Office of Yancy Belcher is proud to serve clients in Hermitage, Lebanon, and Mt. Juliet, TN.