The 7 most important reasons to have a will
More than half of Americans don’t have a will. This is a list of seven of the reasons to create one.
Having a will is a must! Not having a will could lead to problems when you’re gone. Your loved ones may be left wondering about what to do with your belongings or money. People who don’t have a will often end up getting into disputes over inheritance. A will ensures that your wishes are followed after you pass away.
The Reasons To Have A Will
1. Save time, money, and stress for your loved ones.
Almost all states have a legal process called probate court that oversees the distribution of assets. However, if you don’t own a will, the court system — which is called intestate administration — can become especially complicated. If there is no will, the court has no choice but to appoint someone to administer your estate. And this can be difficult, expensive, and even controversial for your family members.
One of the top reasons to have a will is to streamline this court process. When you have a will, you can choose the person you want to handle your estate, making it easier for your loved ones.
2. Determine who will manage your estate.
As mentioned above, deciding who will handle your estate is a great reason to have a will. When you write a will, you become a “testator” and have the opportunity to nominate an “executor” or in many states is referred to as a “personal representative.” This is the person who will be in charge of wrapping up all your affairs.
Being an executor is an important job. They may be responsible for everything from closing bank accounts and liquidating assets to managing cash flow. You should choose someone who is competent and who you trust to perform these tasks. If you don’t choose an executor in advance, the court will appoint one for you, and it might not be the person you’d want.
3. Decide who gets your assets and property — and who does not.
A will lets you decide who gets your property after you die. You can name people as beneficiaries of specific assets. You can also name beneficiaries for any property that you didn’t list – the “residuary” of your estate. Your executor will handle your estate after you die. They’ll distribute your assets among your beneficiaries.
You might not know that you can also use your will to help ensure that certain people don’t receive anything.
4. Choose who will take care of your minor children.
You can use your will to name guardians for your minor children.## Inputs If one parent dies, the surviving parent will usually get full legal custody. But if both parents die, this is one of several reasons why having a will is so important.
A guardian will be in charge of all your children’s daily needs, including food and shelter. If you don’t nominate a guardian in your Will, a Court will have to choose one. This might mean that someone you wouldn’t have chosen will raise your children.
5. Lower the potential for family disputes.
If you have complicated familial dynamics, there’re good reasons to have a will. If you don’t have a will, your family members will have to guess at your final wishes. And chances are, they won’t always agree. This ambiguity can create conflict, and even fights, that last for a lifetime. Creating a will eliminates the need for guessing.
6. If you have a child with special needs you can provide them with a comfortable future.
If you have a child with special needs it is especially important that you provide for them in a way that will leave them your assets and still allow them to collect government benefits. You can do this by leaving your assets to a trust for the child and not directly to the child themselves.
7. It’s easy to make a will and gain peace of mind.
Some people don’t create or update their wills because they assume their loved ones will automatically inherit everything. But this isn’t always true. Probate can be an expensive and lengthy process for your heirs. And, a will only addresses your current circumstances. You should update it over time as your needs and the people in your life change.
You can leave instructions for your loved ones and provide them with a clear path to follow after you die. It gives many people peace of mind, making it one of the top reasons for having a will.
It’s easier than it has ever been to make a will. Unless you have a very large estate, complex family dynamics, or feel that you need expert legal advice, you don’t need a lawyer to draft your will. With SpecialNeedsTrustsOnline.com, you can create your own will for free, using our simple, online self-help tools.
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