The AARP estimates that about 60% of Americans don’t have a will. There are a lot of reasons for this, but largely it’s due to procrastination and not wanting to consider your own mortality. Estate planning is an essential step for anyone with assets and debts, regardless of age. Here are six good reasons to think about making a will for your family.
A Will Reduces the Stress for Your Family
Death is a stressful process. Estate planning can ease some of the burden by helping your assets pass to your heirs without as many issues as if you died without a will. Decisions can be made by the executor or the will without having to wait for court approval.
A Will Lets You Name Your Heirs
Want to leave something to charity? You can’t do it without a will naming your bequest. Maybe you have a domestic partner that you want to inherit a portion of your estate. In many places, if you die without a will, only your immediate blood relatives can inherit.
A Will Limits Family Conflict
Although families arguing over the estate is a common movie trope, it does happen fairly regularly in real life. Your will outlines your wishes, which can go a long way toward preventing squabbles over the family heirlooms and bank accounts. It may not prevent all family fights, but it can help reduce the problems.
You Can Name the Administrator of Your Estate
When you create a will, you name a person who manages your last wishes. If you don’t, the court puts someone in charge. This person has a lot of control over your estate, so you want it to be someone you can trust.
A Will Distributes Your Assets
No one knows when they will die. A will puts you in control of naming which assets pass to which person. You may own more of your home than you do right now. Maybe you’ll inherit some stock in the next year before you die. Your will puts you in the driver’s seat instead of the court.
Your Will Can Help You Solve Problems You Haven’t Thought About
Working with a lawyer to create a will can help you plan for contingencies that put your assets at risk. You’ll benefit even more than you know from help with a legal advocate in estate planning.