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Posted by: Maricopa Lawyers on Feb 19, 2015

Although it may be an awkward topic of conversation, creating a will is one of the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and you gain the peace of mind knowing that a life’s worth of possessions will end up in the right hands.

Some experts say that everyone needs a will. The primary purpose of a will is to ensure that your assets are distributed to whomever you choose in the amount and manner that you choose. Other functions include assigning guardianship to minors and appointing an executor to execute the will.  Essentially, if you were to pass away without one, then the government will split your assets between your next of kin, spouse, and children, and state laws decide who gets what and who has to deal with actually distributing your assets.

Here are some key times when getting a will and trust in place are especially crucial:

When you have children

No one knows their children better than a parent and, if you pass away without a Last Will and Testament, the State will decide who should care for them. You can choose a guardian for your children in your Will and make sure they’re looked after by someone you love and trust.

When you start your own business

Making a Last Will and Testament (and using Living Trusts) is a good way to pass your company to your heirs or the co-owners of your business. A full 70% of family owned businesses do not last past the first generation and the main reason for this is lack of estate planning.

To decide who receives your assets

Whether it’s a family heirloom, a classic Corvette, or your savings, you should decide who receives your belongings after you die, not generic state rules. These rules might not meet your wishes and never include provisions for those not related to you, like close friends or mentors. Make sure your loved ones get the assets you want them to receive.

To provide for a favorite charity

Wills don’t have to be just for friends, family, and loved ones. They can also be used for altruism. Including a charity in your Will is a great way to give back and make sure your assets are used for a good cause.