Establishing your will, otherwise known as estate planning, is something many people put off for a variety of reasons. It’s hard to find the time, it costs money, and it’s a difficult subject to think about for some. It requires meeting with an Estate Planning Attorney, to create the necessary paperwork and make it official. But putting it off could make things more difficult for whoever ends up handling your affairs if something were to happen to you. Here are some reasons why you shouldn’t wait to create a will.
- Make sure your money goes where you want. If you do not have an official will that states who is to receive your funds after you pass, an executor of your estate will be appointed by the court. That person will then make all the decisions regarding your money and where it goes. And it may not be the person you would have chosen.
- Name guardians for your children. If your children are under 18 and something happens to both you and your spouse, your will designates who is to be the guardian of your children. Without a will, the court will make that decision as well.
- Avoid extra taxes and legal fees. When funds are transferred to a spouse there are no taxes, but if the money goes to children, siblings, grandchildren, or others, the money is subject to taxes. By completing a will you can specify how the funds should be allocated and avoid taxes and other legal fees that may apply.
Don Vaughan, Estate Attorney in Greensboro, NC, Can Help You Establish Your Will
If you do not currently have a legal will, call Donald R. Vaughan and Associates. Don will help you plan for the future so that your family will be taken care of if something were to happen to you. Give yourself the peace of mind that comes from knowing that your final affairs are in order. Call (336) 273-1415 to make an appointment with Donald R. Vaughan and Associates, Estate Attorney in Greensboro, NC.