Death is often an uncomfortable subject to discuss. However, preparing for this inevitable event can ensure that loved ones will receive what was intended for them while also saving them from a lot of stress and difficulties down the road. Creating a will is a great way to do this. Here are some reasons why every Arkansas resident should consider creating a will.
Decide who gets what
The person who writes the will is known as the testator, and that individual typically nominates an executor. The executor will “execute” (settle) the estate and oversee the payment of debts and distribution of the estate’s assets after the testator dies. In the will, the testator can spell out exactly who will receive what property or assets. Wills can also be used to stop people from receiving property or assets, like ensuring that an ex-spouse does not receive an inheritance.
Guardians for children
Parents can use a will to nominate guardians for their minor children. Usually, when a parent dies, the surviving parent will get sole legal custody. However, a will can spell out who gets custody of minor children if both parents pass. If a guardian is not nominated, guardianship issues will be addressed in court.
Peace of mind
Creating a will gives loved ones easy instructions to follow after the estate owner’s death. This can provide much-needed peace of mind, which is invaluable and sometimes the most important reason to have a will. Many people put off creating a will because they think their loved ones will automatically get their estate after death. However, this is not always the case. Those in Arkansas who want to know more about wills or any aspect of estate planning may want to contact an experienced attorney to help them create a plan that meets their specific needs.