Why A Will Is Important For Estate Planning

Arranging final affairs is something many people dread. And it's easy to see why. Not many folks
like to contemplate what will happen with their assets when they are no longer around.  That
would mean having to come to the realization that they will indeed be gone at some point. 
But estate planning should not be put off for too long, because you can never predict when
your day will come, and it's best to be ready with a last will and testament.

There are a few good reasons why getting a will should be on the top of your estate planning
priority list:

1. Decide who gets your assets

This is the most obvious one - you need to have a will to make certain that it is absolutely
clear who gets what. Sure, you may not be Bill Gates or Warren Buffet, but even if you don't have
a sizable amount of assets, if you have no clear plan regarding whom you want to receive them,
your heirs may very well end up battling each other in court - and it could get ugly. You may
think now that there's no way this could happen, because everybody gets along. But inheritances
can make people turn greedy - especially if the question of what they are getting is open ended
and they believe they need to fight for their fair share. A simple 'last will and testament' can
resolve this potential mess and insure a relatively peaceful transition of your estate property
when you are gone. 

2. Decide who distributes your assets

A will is a great estate planning tool because it not only allows you to determine who gets your
property, it also allows you to decide who is in charge of doling it out. In most states, this
person is referred to as the executor. The executor has a very important function as this person
works with your attorney to make sure all your assets go where they are intended. It is
important, therefore, to put a lot of thought into who you want to fill this very important
position. Make sure it is someone who you can trust and will be available to take on this
responsibility. 

3. Decide who raises your children

People often forget that estate planning has more to do than just your financial assets. Making
a will also allows you to designate a guardian for your underage children. This is perhaps an
even more critical decision than who gets your money. This has to do with how your kids will be
raised and what kind of future they will have. As with the choice of executor, it is vital that
you designate a guardian that you already know would love to take care of your kids and will
raise them in a good home, allowing them the best chance at a brighter future. 

As always, consult your estate planning attorney to find out your best legal options


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Seflin Lawfirm - Experienced and Caring Estate Planning Attorney Delaware County PA. Attorney
Seflin can assist you with all aspects of estate planning Delaware County Pa. Learn more at
http://www.seflinlawfirm.com

Posted by J. Randall Frier