Creating a will is an important step that every person should consider taking. Besides it being a safe way to ensure one’s property and assets are taken care of, a will helps a person decide who can be the legal guardian of their children. A trust can take care of monetary possessions and is an easier process for the beneficiaries (Clifford, 2017). However, a will includes other details that compartmentalize every aspect of a person’s wishes. An example would be disinheritance. A will makes it possible for a parent to pass the possessions to any person. Legally, children have a statutory right to receive the inheritance. A parent who feels like passing the possessions to someone other than first-degree relatives can implement it in the will.
There are several types of wills. A simple will is important for individuals who want to decide how to divide their assets and who to name the guardian of minor kids. A testamentary trust will is essential for the people who would not want the beneficiaries to handle the inherited assets on their own. Certain conditions can be implemented that would make handing over the assets possible. Joint wills are detrimental for spouses who agree to make each other beneficiaries. Last but not least, a legal will is crucial for people who want to, preventatively, choose specific medical treatments before they become incapacitated.
While different types of wills can secure the person’s assets and wishes regarding minor children, the importance of creating one is undoubtedly present. Any individual that is interested in passing inheritance on someone should consider creating a will. Taking care of certain aspects while still mentally and physically able is detrimental for the future of children, properties, and assets left behind.
Reference
Clifford, D. (2017). Make your own living trust (13th ed.). Nolo.