Why a Will Is Necessary in Your Planning – By Joe Carreno

Why a Will Is Necessary in Your Planning by Joe Carreno

If you are planning for retirement, you should also be planning the affairs of your estate, and a very important thing you should take care of is having a will as per described by Joe Carreno.

If you do not have a will and end up passing, your estate will be allocated according to your state’s law.

If you do not have a will set, there may be some unfavorable consequences that may happen.

For instance, as per Joe Carreno if you and your partner unexpectedly die while your children are still underage, you will not have a choice in who the guardians of your children will be if you do not have it in a will. Generally, the court will make the decision as to who will take care of your children and the assets they will receive from your deaths.

If you do not have a will that lays out your wishes on how your assets will be distributed, the state that you live in will likely have all or a majority of your wealth go to your spouse. This can still happen even if you are separated or in the process of divorce. If you want some of your assets to go to specific people, you will need it planned out in a will. If not, the person or people you want the least to have your assets may end up getting your wealth.

Joe Carreno said this is also the same case for charitable causes. If you wish to donate some of your wealth to a cause you believe in when you die, you will need it stated in a will.

Another thing a will can do is help reduce any estate taxes if planned as per described by Joe Carreno.

It is in your best interest, as well as your family’s, to get things planned out and written into a will. That way, you will be at peace knowing that your children will be taken care of and assets will go where you want them to.