A common misconception is that creating a will is only for older people or the wealthy. But the reality is that drafting this document can benefit anyone with assets, valuables, and specific wishes to administer their assets after death.
Additionally, a will is vital if you have dependents, such as minors or disabled family members, as it provides guardianship arrangements. Waiting to create a will can seriously affect you and your family when the time comes.
The Importance of Creating a Will
Having a valid will is important for several reasons, including the following:
- It lets you control how your wealth is distributed after your death
- A will allows you to appoint a guardian to care for your dependents in the event of your death
- It allows you to provide financial support to your family by specifying who will receive your assets and how much
- A well-drafted will can help avoid inheritance disputes among your loved ones regarding the distribution of your properties
- It is used to carry out your funeral and burial wishes
Reasons Why You Shouldn’t Wait to Create a Will
- Family Conflicts May Arise: Not having a will can lead to disputes among family members regarding the administration of assets or guardianship of children and dependents. A legally binding will help minimize unnecessary stress and conflicts and ensure a smooth transition for your family members.
- Your Estate May Go Through Probate: If you die without a will, your estate will be administered based on the laws of intestacy, which may not align with your wishes. This can lead to assets and property being divided in a way you would not have preferred.
- Your Assets May End Up in the Wrong Hands: Without a will, you may not have control over what happens to your assets in case something unexpected happens. By creating a will, you can have peace of mind knowing that your assets will go exactly where you want them to go.
- Your Children and Dependents May Not Be Cared for As You Wish: One reason for creating wealth is to secure your family’s current and future financial needs. But this purpose may not be fulfilled if you die or are incapacitated without a will. This document helps you designate a person who will care for your minors and dependents after your death or incapacitation.
Contact Our Indianapolis Estate Planning Attorneys Today
At the Applegate & Dillman Elder Law, we offer comprehensive estate planning services in Indiana, allowing you to create a will that meets your unique needs. Contact our office at (317) 492-9569 to schedule a consultation with our Indianapolis estate planning attorneys and discover how we can help.