Wills are only for people with a lot of assets. Or are they? Even when you have a small asset or own almost nothing, a will can be a great exit strategy that helps your family and loved ones. Here are the top three reasons.
1. You control your estates and who will take care of the transfer process
Not just grand mansions and luxury vehicles count as estates. Your personal belongings, any bank accounts, insurance policies or retirement accounts are also estates.In a will, you can designate beneficiaries and also choose the person who will oversee the entire process of transferring assets to those beneficiaries.
Without a will, the court can decide who gets what. So especially if you have children, a will is a must, so that you can protect them even after your death.
2. You can shorten the probate process
With or without a will, the probate process will happen. But with a proper will, the process will take much less time, because you have already made some choices for the court and your representative.
3. You can always change your mind
Things happen in life and priorities change. Births, deaths, marriage, divorce and other life-changing events can affect your decisions on asset transfer. In that case, you can always change your will while you are still alive.
Wills are not as complicated as you might think. To learn more about how to draw a will, visit the website of a wills lawyer in Temple.