The New Year is often a time for reflection and action. We take stock of the year that passed and resolve to make changes. This year, creating a will should be at the top of your list for the following reasons:
You should decide how your assets are distributed, not the State. If you die without a will, State laws will dictate how your assets are distributed. For example, if you are married and have children, your estate will be distributed between your spouse and children. Contrary to what most couples think and want, your spouse will not inherit your entire estate.
You should nominate a Guardian for your children, not a judge. Without a will, guardians for your dependents will be nominated by a court judge. If you have special needs children or adult dependents, not only should you have a will, but you should also consider setting up a special needs trust to provide for your loved ones after your death.
A will can make sure your business lives on after your death. A will can ensure that your family continues to reap the benefits of your hard work by providing a plan and mechanism for business succession or sale.
A will can make a very difficult time less difficult. Losing a loved one is incredibly stressful for the surviving family members. The last thing anyone wants to do when grieving a loss is to fight with relatives, or be overwhelmed by paperwork. A will lets you outline your wishes so that your loved ones will not be arguing about your intentions or dealing with unnecessary paperwork during their time of sadness.
A will lets you decide who will wind up your affairs. In your will, you can nominate an executor to carry out your wishes and ensure your affairs are properly wound up, and your assets are protected and properly distributed to the intended recipients.
At Reznik Law, we walk you through the entire estate planning process to make it as seamless as possible. Planning your estate is easier than you think, and more important than you realize!
Reznik Law is an estate planning and business law firm serving clients throughout the research triangle area. Including, but not limited to, Cary, Apex, Holly Springs, Raleigh, Durham, Fuquay-Varina, Garner, Chapel Hill, Knightdale, Zebulon and New Hill.
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