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The benefits of implementing a will as part of an estate plan

On Behalf of | May 12, 2020 | Simple Wills | 0 comments

Estate planning is an integral part of people’s efforts to prepare for their future. Outside of feeling the satisfaction of being able to control one’s assets, people who take initiative to plan their estate in Virginia may also provide their surviving family members with comfort after their death. 

While there are many components that make up an estate plan, writing a will is one way that people may provide clarification, instructions, and designations to guarantee the distribution of their assets and possessions according to their desires. 

How is a will written? 

Writing a will requires people to think carefully about their end of life wishes. This is their opportunity to articulate their desires. According to U.S. News, for people who have dependent children still living at home, they may include the name of the person they have named as a guardian to their children after their death. They will also need to name beneficiaries to certain designations, as well as the name of someone to be in charge of executing their estate plan. 

People may request the support and guidance of professionals in helping them coordinate their end of life desires within their will to create a cohesive document that leaves no space for confusion or disagreement among remaining family members. Experts suggest that people regularly update their will to reflect any significant changes in their life. 

Why is a will necessary? 

Forbes suggests that a will is necessary because, without one, the courts have jurisdiction over a person’s entire inheritance to decide how to distribute assets and other components of a person’s estate. Implementing an estate plan may enable people to maintain control over the things that are important to them and that they wish to give to their surviving family members someday.