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October 11, 2017
This guest post was contributed by Troy Diffenderfer, content writer at SeniorCaring.com.
Let’s face it, nobody wants to talk about death, especially the older we get. However, having your affairs in order before the time comes can help save a lot of stress and confusion. Many use the old vice of procrastination to put off creating a will, citing “I’ll get to it later” or “I have plenty of time.” Unfortunately, we just don’t know how much time we have on the clock, and that’s exactly why it’s important to create a will. Not only can a will legally protect your spouse, children, and assets, but it can also spell out exactly how you would like things handled after you have passed on. While your situation will always vary, here are some of the top reasons to make a will.
4. Minimize Taxes - Not many people know that having a will can actually lower the amount of state taxes you have to pay. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes. A will can also decrease the amount of inheritance tax that your loved ones will have to pay when they receive it. This is yet another reason why it’s important that you create a will so you can make things easier for both yourself and the ones you care about.
5. You Can Disinherit Others - For one reason or another, you might not want someone to inherit any of your money or property, and you’re entitled to that decision. In fact, it’s encouraged that you specify who should and shouldn’t receive your inheritance. Yes, you may wish to disinherit individuals who may otherwise inherit your estate if you die without a will. Because a will specifically outlines how you would like your estate to be distributed, the absence of a will may mean that your estate may end up in the wrong hands or in the hands of someone you did not intend, and this is exactly what you don’t want.
A will is an important document to have as you age, so make sure to make one as soon as you can. If you need any more information on living wills, or power of attorney, check out the free resources at SeniorCaring.com, contact us to gain wisdom from one of our campus experts, or speak to a trusted legal professional.
Image credits: Via Freepik by katemangostar, bedneyimages, and ijeab
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