As any homeowner knows, renovating your home can be a costly and time-consuming endeavor. From hiring contractors to buying new materials, there are a lot of details to consider. However, one detail that is often overlooked is creating a will. Before you begin any type of home renovation in Denver, here are five reasons why you need a will in place.
1. Peace of Mind
One of the most important reasons to have a will is for your peace of mind. Knowing that your affairs are in order will allow you to focus on the renovation process and enjoy the fruits of your labor.
If you die without a will, your family will have to go through the probate process, which can be costly and time-consuming. Additionally, if you have young children, a will allows you to designate a guardian for them in the event of your death. Creating a will may not be the most exciting part of renovating your home, but it is one of the most important.
2. Protect Your Home and Other Assets
Another reason to have a will is to protect your assets, including your home. Without a will, your property will be distributed according to state law, which may not be in line with your wishes.
A well-drafted will allows you to specify how you would like your property to be divided among your heirs. For example, you can use a will to leave your home to your spouse or children. You can also use a will to establish trusts for your loved ones, which can be used to protect your assets and minimize taxes. In addition to protecting your property, a will can also be used to protect other assets, such as businesses, investments, and retirement accounts.
3. Avoid Family Conflict
The proportion of Millennials and Generation Xers who do not have a will is around 78% (born between 1980-1995) and 64% (born between 1965-1980). Unfortunately, this often leads to family conflict after the death of a loved one.
When there is no will, family members are often left to argue over who should inherit what. This can lead to hard feelings and lasting rifts among siblings and other relatives. By creating a will, you can avoid this type of conflict and ensure that your renovated home is inherited by the people you want.
In addition to avoiding conflict, a will can also help you set up a plan to distribute your belongings. This can be particularly helpful if you have valuable items like art or jewelry. By specifying who should receive these items, you can avoid any disputes that may arise.
4. Make Sure Your Wishes Are Carried Out
In addition to protecting your assets and avoiding family conflict, a will allows you to ensure that your wishes are carried out after your death. For example, if you have specific instructions for how you want your renovations to be completed, you can include these instructions in your will. Given that roofing replacements account for a substantial portion of the overall North American roofing industry, with over 90% of volume and value, it is important to be clear about your wishes for this type of work.
You can also use your will to leave money for specific purposes regarding your renovation. For example, you can leave money to pay for the completion of your landscaping projects. Tree care (51%), mowing (50%), lawn pest control (46%), weed prevention and control (42%) are the most common services performed by landscaping professionals. By including these instructions in your will, you can ensure that your home is renovated according to your wishes.
5. Name an Executor
When you create a will, you will need to name an executor. The executor is the person who is responsible for carrying out your wishes after you die. This person will be responsible for ensuring that your debts are paid and that your assets are distributed according to your wishes.
Naming an executor is an important part of creating a will. You should choose someone who is reliable and trustworthy and has the time and ability to fulfill your wishes. Additionally, you should choose someone comfortable dealing with your estate’s legal and financial aspects.
There are many reasons to create a will before renovating your home in Denver. By creating a will, you can ensure that your newly renovated home is inherited by the people you want, avoid family conflict, and ensure your wishes are fulfilled. Contact an experienced estate planning attorney to get started on creating your will today.