Less than half of American adults have an official will to dictate what should be done with their estate after death.
Oftentimes, people neglect to make a will because they assume they’ll do it later in life. Others assume that their family will be able to handle their estate without the presence of a will.
If you’re wondering, “Do I need a will?” the answer is yes. We recommend making one sooner rather than later.
Why do you need a will? Read on for five compelling reasons.
1. Appointing a Guardian For Your Children
If you’re young, you may be wondering, “Why do I need a will?” However, if you are a parent to children under the age of 18, it is in your best interest and theirs that you establish a will. You can use your will to select a guardian for your children in the event of your passing, rather than letting the state appoint a guardian for you.
2. Distributing Assets to Beneficiaries
Without a will, all of your assets could go to a single person based on state laws. This can cause tension within your family, putting one person in charge of redistributing your money and valuables based on their own judgment. When you create a will, you can pick who will get what, specifying beneficiaries for everything from your money to specific family heirlooms.
3. Protecting Your Business
You worked hard to create a thriving business. You don’t want it to come to an end because it was unclear who was meant to take over at the time of your passing. Use a will or learn how to make a living trust to make sure that your business lands in the right hands.
4. Designating Money For Charities and Organizations
Most people don’t just want to leave their assets to individual people. You may also have specific charities or organizations that you’d like to donate to, as well. You can dictate which charities and organizations you want to direct money in your will.
5. Alleviating Stress After Your Passing
If you’re still wondering, “Do I need a trust or a will?” think about your family and loved ones. After your passing, they will be dealing with things like funeral arrangements as well as their own grief. By establishing a will, you can alleviate unnecessary stress.
Don’t leave it up to your family or the state to determine what will be done with your assets. Create a smooth process for everyone by creating a will now.
Do I Need a Will? The Answer Is Always Yes
It would appear that many Americans think the answer is no when they ask themselves, “Do I need a will?” The reality is that leaving behind a will is the best way to protect your interests and your loved ones. Don’t wait another year to make one of your own.
Wills are legal documents and to make one, you will need to follow certain laws and guidelines. Find out more about the law by taking a look around at our legal content.