Estate planning is an important process and a final will is a fundamental part of this. A will allows you to expressly share your final wishes and ensure that these are carried out after your passing.
With a will, you can allocate various assets to those who are most important to you, offering them stability in the future. However, there are some things about wills that you may not know. It’s important to gain a more in-depth understanding so you can make reasoned decisions when it comes to estate planning. Outlined below are some interesting facts about wills.
Most people don’t have them
Hesitancy over estate planning means that a lot of people put it off. Most research suggests that over 50% of the U.S. population has yet to draft a will. There are various reasons for this. Some people want to avoid the subject because it is morbid. Others believe that they do not yet possess enough assets, while many more expect the process to be costly and complex. The truth is that drafting a will can benefit anyone, and this is why it’s so important to reach out for guidance if you are confused.
You can include charitable donations
If you’re feeling bogged down about some aspects of estate planning, then it may give you a lift to hear that you can donate to your favorite charity through your will. Furthermore, this can take place without incurring hefty tax deductions. If charitable giving has been a key part of your life, then you can ensure this remains a part of your legacy through a properly drafted will.
Drafting a will requires precision and careful consideration, but with the appropriate guidance, it doesn’t need to be complicated. As you make plans for the future, make sure you’ve fully explored the various legal options at your disposal.