The Importance of Protecting Your Spouse and Kids with the “I Love You”, Will.
Legal Will for Families
Why Should You Get a Legal Will?
Many people are not aware of the importance of getting a will. This is because they believe that they are young and healthy, so there is no need to make one. However, this is not true.
A will is a document that tells what happens to your property and who should be in charge of your children or other dependents after you die. A will also says who should get your property if you have no dependents.
If you die without a will, the law says how to divide up your property and who should take care of any children or other dependents, depending on their circumstances.
A will is an important document that helps you get what you want after your death. It also helps your loved ones avoid any confusion about who should get what.
How to Create an “I Love You,” Will.
If you have a will, then you have been proactive and taken control of your assets. You can rest assured that your family will be taken care of and that they will be provided for. However, if you don’t have a will, this could cause problems for them when you die. This is why it is important to create your own "I Love You," Will.
You should have your own "I Love You," Will because it ensures that your wishes are followed and that your family is taken care of when you are not available to do so.
To create an “I Love You”, Will, you need to designate the beneficiaries and the distribution of assets in the will. A great way to do this is, through a pre-planning checklist. I’ve created one here to help with taking the first steps.
5 Easy Items to Check Off Your To-do List
It’s important to be prepared for the future and know what will happen to your assets when you pass away. That way, your loved ones won't have to go through the difficult process of sorting out your estate.
What are the Benefits of Creating Your Own "I Love You," Will?
The benefits of having your own "I Love You," Will are endless. You have the opportunity to ensure that your loved ones are taken care of financially, emotionally, and physically. When you have a will, it is easier to provide for those people who matter most in your life.
You can also decide who gets what type of property or if someone receives any property at all. You are able to dictate how the money should be distributed among beneficiaries and how much each person will receive.
Having a will and other estate planning documents in place can help ensure that your loved ones don't have to worry about legal issues, such as who will take care of minor children or who will inherit the family home.
You can also control what happens to your estate when you die by providing instructions on how it should be divided up among recipients or donated to a specific charity or cause that matters to you.
Who Can Be Legally Responsible for Your Estate?
When someone dies, they can name a legal executor or representative to be in charge of their assets and estate. It is this person’s duty to make sure that all debts are paid, assets are distributed according to the will, and final tax returns are filed.
A legal representative is not required by law but instead is chosen by the deceased person in their will. This person needs to be approved by the court before they can take over as representative of an estate.
The legal representative has the power to sell any property that isn't specifically bequeathed by the deceased, such as stocks and bonds. They also have access to all of your financial records and can make decisions about how to use your money according to their best judgment in order to fulfill their duty as representative and in accordance with the will or estate.
Imagine if Every Single Person had an “I Love You,” Will?
First I would have to find another trade but I would be filled with pride because the world would be a better place!
Give some love to your legacy! Get an estate plan to secure it. And remember, preparation now could save loved ones from the confusion of not knowing what to do. Plan ahead. Save your legacy and secure your wealth.
Ready to get your estate plan started or need more information, schedule a discovery call with me? Where you and I dive a little deeper into your situation to discover the plan that fits you.
~ Tenicia Moulden
