Big Easy Magazine’s recent article “Estate Planning Is Essential and Here’s Why” says that writing a Last Will and Testament is not limited to what happens to your house, car, company, or other assets after you die. It also states who will take care of your minor children, if they are orphaned.
Your instructions for burial and other smaller things can be included.
If you fail to provide specific instructions, the state intestacy laws will apply upon your death. Here is a glimpse of the consequences of not writing your last will:
- Your burial preferences may not be honored.
- Your properties may be managed by an individual you do not necessarily trust. Without a named executor to your Will, some other family member may be asked to file taxes, make transfers and manage your estate.
- Family members may not get an inheritance. Under intestacy laws, same-sex relationships and common-law marriages may not be recognized. So, your partner may not get a portion of your estate.
- Your favorite charity may be left out. If you are committed to leaving a legacy, your charity, religious organization, or other organization of choice should be mentioned in the Will.
- The government will name the guardians for your minor children.
With a Will, you can designate a guardian for your children and avoid additional taxes. Ask an experienced estate planning attorney about developing a comprehensive estate plan.
Aside from this, estate planning can also save your loved ones considerable angst and money.
A detailed Will with your instructions will avoid complications and provide comfort, while your loved ones recover emotionally from their loss.
Reference: Big Easy Magazine (May 17, 2021) “Estate Planning Is Essential and Here’s Why”