When a testator creates a will, it is one of the most essential estate planning steps that they can take to make sure that their loved ones are protected and supported after their death. But what else can they gain by taking the time to create and update a will?
Avoiding intestacy
Having a valid will helps them avoid intestacy, which can ensure the distribution of their assets according to their wishes. Intestacy means the absence of a will, leading to the court deciding on the distribution according to Oregon’s intestacy laws.
Reducing conflict
In addition, having a will can help reduce conflict among the testator’s family members and beneficiaries by outlining their wishes regarding the distribution of their assets. This can be helpful when there are multiple beneficiaries or complex family situations.
Protecting minor children
Also, a will allows the testator to name a guardian for their minor children, who is someone they trust and who shares their values. Naming a guardian can ensure the continued care and protection of their children in the event of their death.
Ensuring charity donations
Further, a will enables the testator to make charitable donations to support their causes. This can make a positive impact on their community.
Creating a well-planned will
Having a will is critical in planning for the future. However, creating a will that meets the testator’s unique needs and goals can be challenging or daunting. By seeking legal guidance, they may create a well-planned will that can help them achieve their goals and preserve their legacy.