Pass on more to your loved ones with a will.
Possession of your home, ownership of your investments, inheritances for your children and grandchildren. Passing on your legacy how you wish, you need a will. You’ll need to review and update it after major life changes like marriage, divorce, purchase of a new home, or births and deaths in the family.
What is a will?
A will is a legal document that allows you to decide how your property and affairs will be handled after your death. You can choose who will inherit your assets, who will take care of your minor children, and who will manage the distribution of your estate.
If you die without a will, the law will determine these matters for you. This means that your wishes may not be followed, and your family may face delays and costs in settling your estate. A court will appoint an administrator to oversee the probate process, which involves identifying your heirs, valuing and distributing your assets, and paying your debts.
Probate can have some advantages, such as court oversight and protection from creditors. However, it can also have some drawbacks, such as lack of privacy, fees and expenses, and time consumption.
What to include
Assets that do not need probate are those that have a designated beneficiary, such as trusts, retirement accounts, investments, and insurance policies. You should update these records regularly to reflect any changes in your life situation and preferences. This way, you can avoid any conflicts or delays in transferring your assets to your heirs.
Connect with a Ramos Capital Group Financial Advisor Who Can Help.