Life is busy, and you may not have made estate planning a priority quite yet. If you do not have a will, there are several reasons why you should create one of these documents as soon as possible.
According to the New Jersey State Bar, the will is the foundation of any estate plan. This document outlines who will receive your assets after you die and who will be responsible for carrying out the decisions dictated in your will.
1. To decide who receives your assets
Your will determines who will receive your possessions after you die, whether these include a prized classic car, a family heirloom or your life savings. If you do not outline who receives your assets by creating a will, state law will kick in and make these decisions for you.
2. To name a guardian for minor children
Your will gives you the opportunity to name a guardian for any minor children you have. If you die, this person would step in and take care of your children. Choose your children’s guardian carefully and make sure it is someone who would provide your children with loving care.
3. To leave a legacy
You can leave assets to charity and not just your friends and loved ones in your will. By naming specific charitable organizations in your will, you can ensure your assets go towards a good cause.
Losing a loved one is a difficult experience. By creating a will, your family will not have to negotiate with family members and lawyers over who will receive your assets while they grieve.