September is National Wills Month, and there's no better time to review your current Will or get one drafted if you don’t have one yet. A Will is not just a document—it’s a way to plan your affairs in a way to distribute your estate, and secure your loved ones’ future.
At Wallstreet Financial Services, we assist clients with the drafting, and safe custody of their Last Wills & Testaments. Furthermore we consult with clients to explain the financial implications of their decisions and give them the insights to make informed decisions.
6 Benefits of Having a Signed Will
Control Over Asset Distribution:
Without a Will, the distribution of your assets will follow the laws of intestacy, which may not reflect your personal wishes. A valid Will allows you to decide who inherits from your estate, ensuring your loved ones are taken care of according to your plans.
Appoint a Guardian for Minor Children:
In the unfortunate event that both parents pass away, a Will allows you to appoint a guardian for your minor children. This decision ensures that they are cared for by someone you trust.
Testamentary Trusts:
In the unfortunate event that you pass away and have minor children, having a Will and nominating Trustees to manage the financial affairs of the minor children preserves your legacy and their inheritance.
Reduce Family Conflict:
A clearly drafted Will can help prevent disputes among family members. By making your wishes legally clear, you can avoid misunderstandings or disagreements over your estate.
Minimize Estate Taxes:
A well-structured Will can also help minimize the tax burden on your estate, allowing more of your assets to go to your loved ones rather than being spent on taxes.
Plan for the Unexpected:
Life can be unpredictable. A Will ensures that if something happens to you, your family is protected, and your wishes are carried out seamlessly, offering them peace of mind during a difficult time.
It’s Not Just About Your Wishes – It’s About the Financial Impact
Drafting a Will is more than just putting your wishes on paper. It’s crucial to sit down for a consultation with an experienced professional. We’ll go through the financial impact of the decisions you make when drafting your Will. From tax considerations to how your assets will be distributed, we’ll ensure your Will reflects a comprehensive plan that aligns with your financial goals.
Whether you’re updating an existing Will or creating one for the first time, make sure it’s a reflection of your intentions and long-term financial plans.
Book a consultation with us today to discuss your options.
Stay safe and Blessed!
Your Financial Planning Partners.
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