Below I’ve shared five ways an up-to-date will ensures your family is protected in the event something happens to you:
- Distributing assets - A will outlines how you want your assets, to be distributed after your death and allows you to specify who gets what, how much, and when.
- Appointing executors - A will also enables you to name an executor to manage your estate after your death. This person will distribute your assets according to your wishes, pay any debts or taxes owed, and handle other administrative matters.
- Avoiding disputes - Without a will, your assets will be distributed according to state law, which may not align with your preferences. This can lead to confusion, disputes, and even legal battles among family members.
- Providing for minor children - If you have minor children, a will allows you to name a guardian to take care of them in the event of your death, ensuring your children will be provided for and raised according to your wishes.
- Minimizing taxes - A properly drafted will also help minimize estate taxes and other expenses that may be owed after your death.
To ensure all of the above elements are updated, your will should be reviewed every three to five years or sooner if you’ve undergone significant life changes (e.g., marriage, divorce, birth of children).