Crafting a will: what needs to be taken into consideration

On Behalf of | Oct 7, 2020 | Wills & Estates

When someone thinks about writing a will, he or she often conjures up images of an older wealthy person. However, this cannot be further from the truth. Everyone, no matter his or her age, should take the time to craft a will. This is especially important if you have a combination of assets in Connecticut, such as large savings, personal business or real estate property. If the message has not been received just yet, here are some of the most important reasons why creating a will should be on your to-do list.

Selecting guardians for your children

For many parents, their children are their entire world, and they actively seek to ensure their kids’ safety. However, this is not possible if you, unfortunately, pass away. Therefore, it is highly recommended to begin to write a will that states who will be the guardians of your children if you either are incapacitated or pass away. In addition, the will should also state who would manage your estate while your children are minors. As you can guess, this is an incredibly important document for the long-term security of your children and one that should be prepared with your personal attorney.

Diminishes probate wait time

One of the most frustrating aspects for your family after your death will be waiting for the courts to separate your assets. This period of time is called probate, and everyone needs to go through it even if they had a will. However, the wait can be drastically diminished if you have a detailed will on the records.

May reduce estate tax

One of the more complex matters when it comes to crafting your will is the tax portion — to be more specific, the inclusion of the estate tax, which needs to be paid by those who are receiving property and other types of assets from your estate. When you create a will, you are providing proof that certain assets will be presented as financial gifts. Although it may not entirely eliminate the estate tax, you can help reduce the amount.

Crafting a will is a very complex and lengthy process and one that should be completed with assistance from a personal attorney who has experience with wills and estates as well as a tax expert. Taking those proactive measures may help reduce the difficult process for your family in the event you die.