3 Important Life Altering Decisions You Can Control Through Your Will
You often do not realize some of the critical decisions you make daily. Many of these decisions affect your life and the lives of the people you love. Unfortunately, you will be unable to make many of these decisions after your death unless you leave a will. It would be best if you did not leave these numerous life-altering decisions for others. Here are a few of them.
1. Who Will Take Care of Your Children
If you have minor children, one of the most important decisions you need to make is who will take care of your children if you cannot. Many assume their spouse will take care of this upon death, but what happens if both of you die in the same accident?
Your will allows you to appoint a guardian for your minor children. Guardianship is a huge decision as this person will control your children's daily needs. Including the following:
- Nutrition
- Housing
- Education
- Healthcare
- Spirituality
This person needs to be someone your child or children are comfortable with and who will be ready to step in at a moment's notice.
It is vital to keep your will updated as people's situations change. A person who may be an appropriate guardian at one point in life may not be later.
For example, you may name your sister your children's guardian in your will when you are both in your thirties. But a life-changing disease in her early forties may leave her struggling to care for herself.
2. Who Will Take Care of Your Pets
Sometimes, who will take care of your pets is almost as important as who will take care of your children. While you would like to think that family members will step in and provide them with a good home, this is not always the case. Even the guardians you name for your children may be unwilling or unable to provide a home for these other valuable family members.
3. Who Will Get Your Assets
Another critical decision you can make through your will is who will get your assets. Most people spend their lives accumulating assets, but without a will have no say over where their life's accumulation will go. You can name specific beneficiaries for your important assets, but you can also list who receives the residuary, or the remaining things, in your estate.
You can also decide who will not receive anything from your estate. When you die without a will, the court will distribute your assets based on your state's inheritance laws.
To learn more, contact a will planning lawyer in your area.