Creating a will may be one of the best things you can do for yourself and your family in Delaware. This action helps protect your assets and family members legally when you pass away. Knowing you’ve spelled out how you’d like things handled when you die can provide peace of mind and help ensure your wishes are met.
Why is it important to create a will?
Creating a will, which is a legally enforceable document, declares how you want your property distributed after you die. In it, you can also recommend a guardian for any children you might have. A will also names an executor, which can be a person or institution. Executors are responsible for overseeing the settlement of your affairs. Having a will makes it easier to distribute assets to your chosen beneficiaries.
What happens if you die without a will?
If you die without a will, it’s known as dying “intestate.” In this situation, your assets will be distributed according to the state’s laws of intestacy where you’re residing when you die. When a will is absent, the probate court appoints an administrator for your estate, and your estate will pay for the probate process. Depending on the complexity and size of your estate, the process could last for several months or years. However, at some point, your assets will be distributed according to a judge’s determination or the state’s formula.
You choose how your estate will be distributed
One of the top benefits of having a will is the ability it provides for you to decide how your estate will be distributed upon your death. Without one, there’s no guarantee that your desires will be followed. Having a will can minimize family quarrels by determining who receives assets and who doesn’t.
Avoiding a lengthy probate process
Having a will speeds up the probate process. You decide on an executor to handle all your affairs, which is one of the most significant roles in the administration of your estate. Appointing someone you trust who is organized is usually best.
Creating a will and understanding how it works can be helpful during the estate planning process.