Why is it Good to Have a Will or Trust?
Wills and trusts (an estate plan) is a collection of documents that specify how you want your money and other assets distributed after the Lord has called you home, making it easier for your loved ones to handle your affairs during a time of grief
You decide which family or friends will receive your assets. Otherwise, the court can give assets to those you may not have intended to receive anything.
If you have minor children (under the age of 18), it protects them from being placed in the wrong guardianship through the court’s decision.
It stops beneficiaries from overpaying in taxes. With just a little planning, you can reduce much or even all of your federal, state or inheritance taxes within your estate.
It eliminates the stress of making decisions from your family members, which can cause conflicts.
The Bottom Line
Simply put, if you want your assets and your loved ones protected when you no longer can do it, you will need a will or a trust. Without one, your loved ones could face huge tax burdens and the courts could designate how your assets are divided, or even who gets your children. Organizations you love to support now can also benefit from gifts established in your estate plans.