Lawyer Referral Service

LRS Blog

Posted by: Maricopa Lawyers on Sep 15, 2016

Planning your estate

Some people believe that only the rich have an estate. This is not true. Everything that you own and owe is part of your estate. Whether you have a large estate or a small estate, you need a plan for how you want it to be handled when you’re gone. Your estate plan includes your will, and having both of these things will make things a lot easier for your loved ones when you pass away.

The benefits of a will

There are many reasons why you should have a will, but these are a few of the most important:

To protect your children

If you have minor children, a will can allow you to designate guardians for your children if you were to pass unexpectedly.  If you don’t nominate a guardian, the state will have to pick one for you. With a will you can rest easy knowing you kids would end up in the right hands if something happened to you.

To distribute your property

In your will, you can decide who gets certain assets. You can use your will to distribute your stuff amongst family members, friends and charities. A will also allows you to give your property to a partner if you are not married. Without a will, the state determines how your assets are distributed.

To name an executor

The executor of a will is the person who carries out the instructions of your will. In your will, you can choose a responsible and trustworthy person to do this job. The executor also pays off your bills, notifies your banks, and cancels your credit cards and/or subscriptions. They also make sure all of your assets are distributed properly. This can be a time consuming task so choose someone who is up to it.