To some people, estate planning seems entirely unnecessary. They don’t have much property or any immediate family members, so they don’t see the value in creating an in-depth plan for what happens when they die.
Others will potentially make a trust and then think that they don’t need any other estate planning documents. A will might be one of the simplest estate planning documents, and it is so common for a very good reason. There are many benefits to the inclusion of a will in your estate plan even if you have other documents already in place.
You can name a guardian for your children
Even if you already have a trust setting aside property to provide for your children if something were to happen to you, having a will is important for naming someone other than the individual controlling their inheritance to provide for their daily needs. You can name a main choice and even an alternate guardian candidate to help support your child if anything tragic were to happen to you.
You need to address your personal property
If you own a business, a vehicle, real estate or valuable financial accounts, you may have already taken certain steps to plan for those large assets. What you may not have planned for, however, are your personal possessions.
Your wardrobe, your furniture and your collections could be worth thousands of dollars. Your family members may end up fighting over that property if you don’t name someone to receive your residuary estate beyond the biggest and most valuable property.
You can address tough decisions and reduce challenges
You can use your will as a place to explain that you have disinherited certain family members or substantially reduced what they will inherit. Your will can also be where you include a no-contest clause that will prevent your family members from challenging your will and forcing all of your beneficiaries through an expensive and stressful litigation process.
For those who only need to leave simple instructions regarding their legacy and also those who have more complex plans, a will can be a valuable estate planning tool. Adding the right documents to your estate plan will help ensure you leave behind a specific legacy when you die.