Reasons to Write a Will
According to AARP, 60% of American adults do not have a will or estate planning. The numbers get a little better for older Americans as 81% of those age 72 and older have a will. In case you do not know, a will is a document that will guide all the decisions about you and your estate after you die. Young adults tend not to have a will, but you should not wait until you are old as you never know what may happen to you. Among the many reasons as to why you should have a Will, here are some that might make you decide to finally get one done.
- Decide how your Estate gets divided. A will is a legally-binding document that lets you determine how you would like your estate to be handled once you die. Without a will the laws of the state will determine how the estate is divided depending on marital status and descendants. Leaving it up to the state to determine may mean that the people that you may want to benefit upon your death may end up with nothing.
- Decide who will take care of your children. Without a will you are leaving it up to the courts to make that decision. If your spouse is still alive, it will go to them, if both die it will go down the family starting with the grandparents. What if you don’t want the grandparents? What if you believe that your sister or your wives’ brother will be better for your kids? With a will that decision is in your hands. You can decide that the best person to raise your children is no one in your family, but a friend. Just make sure that whomever you decide on knows about your decision and is willing to do it!
- Avoid a lengthy probate process. All estates must go through the probate process, with or without a will. Having a will speeds up the process and let’s the court act as a enforcer of your will instead of a decision maker on you estate. That will also alleviate fights within your family since you have it in writing your wishes.
- Decide who will be the executor of your will. Executor of the will makes sure that all your affairs are in order after you die. They will pay outstanding bills, cancel credit cards, and handle all other business on your behalf until your estate is passed on according to the will. You want someone that is honest and organized that may or may not be a family member.
- You can disinherit people. Without a will your assets will be transferred to your living wife and children. What if that is not what you want? What if you want to bypass them and give it all to your grandchildren or leave it all to charity? You can do that with a will.
Ready to make your will? You can do it yourself or hire an attorney to do it. If you are doing it yourself, make sure to research your state law to make sure the will you make is valid or you can find websites that have fill in the blank forms that you can download.
Remember that some of Veritas Legal Plans do cover 100% of a simple will, so check out your plan or sign up for one.July 25, 2018