Nobody likes to think about passing away, but if you’re a money savvy woman, it’s important that you’ve made plans for what happens to your assets and property after you die. Here’s why every smart woman needs a proper will.
Most of us think that a will is only something we should worry about once we’re old or if we’re ill. However, a will is an important document at any time of life. A will will distribute your assets in the event of your death, appoints a guardian for any children, sets out funeral arrangements and appoints an executor of will.
Do you want your estate to go to someone specific when you die? Then you need a will. If you die without explicit instructions for the distribution of your estate, then the legislation in the State you lived in will step in and decide who will benefit.
Care Of Children
If you have children who are still considered minors, then your will can appoint the guardian you would like to raise them. If there are no instructions left, then other family members may be able to apply for custody. If you have a blended family, this is especially important, as your partner may not automatically get custody.
Having a will allows you to appoint an executor. An executor will be the one who administers your estate. This includes making arrangements for your funeral, so choose wisely.
Without a will, somebody could make a legal claim against your estate, whether that’s applying for custody of your children or making a claim for your property or other assets. Avoid this by having a properly drafted and valid will.
Reduce Costs and Stress
You don’t want your loved ones stuck with a lot of legal costs after you’re gone. The costs of the administration of an estate can add up, but with a clear will, some of these costs can be avoided with a more efficient distribution. Having everything clearly arranged will also be a lot less stressful for your family at an already distressing time. You’ll have more peace of mind if you know you’ve already laid everything out, and your family won’t have to fight to get what you want them to have.
Maintain Your Business
Are you a business owner? If you’ve put you sweat, blood and tears into getting a business off the ground, you’ll want it to continue to keep your legacy alive. With your will, you can make sure you have the right people in the right positions, ready to take cover and keep your business afloat.
If you want to leave a legacy or some kind of charitable gift behind, you can specify this in your Will. Whether you’d like to make a one off donation to a charity you support, or leave behind funds to start some kind of foundation, your Will is the place to do it.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha, a former NFL cheerleader turned entrepreneur and financial journalist. After a brunch conversation with girlfriends, Danetha was inspired to launch a blog to explore her journey of becoming rich, sexy and confident.