A will is the cornerstone of any estate plan. This is a legal document that instructs how your assets should be divided upon your death. However, a will is so much more than this. It can carry out a host of functions- some of which may come as a surprise.
Here’s what a will can do for you.
Taking care of your funeral
Grief can take its toll on family and friends. You may not want them to have the added stress of making all of your funeral arrangements. Fortunately, a will can take care of this. You can include instructions on the type of ceremony you would like to have and who you would like to be there
Guardians for your children
If you are a parent of minor children, then ensuring their well-being at any cost is most likely your priority. This includes making plans for if you are no longer around. A will allows you to name guardians for your children. These are individuals who you trust to take care of your kids and raise them per your wishes. You aren’t limited to one guardian. In your will, you can name several as backup options.
Including your pets
For animal lovers, pets are part of the family. However, this is not how the law regards pets. While it may seem cold, pets are regarded as property in law. However, this doesn’t mean that you can’t include pets in your will. You can hand pets over to beneficiaries, meaning that they end up with people you trust.
The main function of a will is to distribute assets upon a person’s death, but there are certainly other factors to consider. Seeking legal guidance will provide you with more information about different estate planning tools.
