At every stage of your life, a will is essential — it provides you with the opportunity to distribute your property, establish care for your children or pets, and otherwise express your wishes regarding what should happen upon your death. If you die without any formal estate planning documents, the court will make these decisions for you, and its decisions may not reflect what you would have wanted.
Changing Your Will
As your life evolves, your estate plan needs to evolve, too. You should regularly adjust it for changes in your financial situation, marital status, parenthood status, philanthropic interests, and general lifestyle decisions. A codicil is the way to achieve this.
Appointing A Guardian
Your will enables you to make decisions about the future care of your minor children if something were to happen to you. If you have not named a guardian for your children, the court would appoint one, and the guardian might make parental decisions that are contrary to what you would have wanted.
Creating An Optimal Estate Plan
Drafting an effective will requires more than filling in a form. If a court determines that your will is invalid due to a mistake you made, your wishes will not be honored upon your death. There may also be advantages to using other estate planning tools such as trusts. For example, trusts can often reduce or eliminate estate taxes and keep your assets out of probate.
To get help with your estate plan, contact Wilkinson County law firm Boone, Scott & Boone today.