Do you have a documented plan in place for if you pass away unexpectedly? If not, here are six reasons you should have a Will.
Not Having a Will Often Leads to Undesirable Outcomes
If you do not have a will when you die, your assets and the essential pieces of your life, such as children and pets, will be left to the court to decide their fate. Without a will your estate is administered according to the laws of intestacy. These laws may leave your assets to an unintended relation or divide your assets in a way you would not have wanted. Without a will you are leaving these decisions to the court and essentially let a stranger make these decisions for you.
A Will Allows You to Name a Guardian for Your Children
One of the biggest reasons for creating a will is to ensure your children are adequately taken care by the people of your choosing if you pass away. This can be very hard to contemplate and decide who would be the right choice, but once you have a will, you will feel at ease knowing your children will have stability in the event of a catastrophe.
Allocate Care and Maintenance for Your Pets
Do you treat your pets like family? If so, you should create a will to ensure they too receive the best care when you die. For example, a will can enable you to leave your pet to a specific person and even leave that person with money to continue taking care of your pet as you would take care of them.
Creating a will can help minimize the tax burden your heirs may take on if you do not make a will. In addition, you can direct funds to your loved ones and charitable causes, if that is what you wish, in a way to minimize income and estate taxes for your beneficiaries.
Provide Peace of Mind for Your Loved Ones
A will benefits both you and your loved ones. We like to think our loves know what we would want to have happen, but we do not often talk about death and dying. In the end, your family and loved ones are the people who are most affected by your will. Your will evidences your choices and your care in giving them peace of mind that your most valued possessions are taken care of as you wish.
Father Time is Undefeated
Sadly, we are not invincible. A will may seem unnecessary while you are young, but you never know what can happen or when. Creating a will does not suddenly reduce your life expectancy but instead gives you peace of mind that you have a plan in place should something happen to you. Your will, once validly executed, is a document that can be stored in a safe place, reviewed from time to time and later amended as your life circumstances change.