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5 Reasons Why It’s Important to Have a Will

Read on to learn about why you should start crafting a will when you can.

By KevinPublished 4 years ago 3 min read
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A will is one of the most vital things anybody can write for themselves before they pass away. Along with the subject of your death, it can be a harrowing subject to discuss or even think about. Despite that, it will save your loved ones a lot of stress and headaches in the long run. Read on to learn about why you should start crafting a will when you can.

1. To Decide Who Gets What

When you write out a will, one of the first things that come to mind is who will get your assets. Without a will, all your belongings will be turned over to the state to do what they see fit. To prevent this from occurring, think about whom you know and whom you’d want to entrust your assets and estate to. You can also decide who won’t be entitled to your belongings. Wills are perfect for clarifying and establishing these details from the start so there’s no confusion.

2. For Funeral Planning

Many people ignore writing a will because the very thought of planning their funeral scares them. One may feel it’s not necessary to do so, especially if they’re young. But paired with pre-need planning, establishing a will can take a load off your shoulders and allow you to come up with concrete plans for your funeral when you’re gone. It also helps if you have anything like an active participating life insurance policy to ensure that funeral and post-death expenses will be taken care of.

3. For Your Children and Future Generations

Should something happen to you; it’s essential to make sure your children will be taken care of after you’re gone. If you have young children, you must name a guardian who will care for them. The guardian can be your partner, a godparent, sibling, or any family member or other person you trust. If you leave your assets to your children (especially if they’re under the age of 18), that same guardian or another adult you appoint must oversee it. Otherwise, your state will choose who manages it.

4. It’s Backup for a Living Trust

While you’re alive, you can create a living trust to prevent lengthy probates from ever happening. With a living trust, you can name the person or people who will get your estate and other possessions and change these details before your passing. When you pass on, any person you name as an executor will be in charge of distributing or holding on to your assets. Keep in mind that a will can be a safety net of sorts for the living trust because it can fill the gaps on anything you might have missed.

5. You’re Granted Flexibility

One should know that leaving their assets to the family after their passing is not the only option for composing a will. Sometimes, there are situations where a person won’t want to leave their belongings to anyone in their family because of disagreements or any other reason. In these cases, the person can donate their money to a charity of their choosing or designate another beneficiary to handle their estate and other belongings. Until you pass on, your will is not set in stone. You’re free to change details or update it whenever you’d like or when the situation calls for it (e.g. after your marriage or the birth of your child or grandchild). If you wish to create a brand new will, you must revoke your current one to nullify it.

One of the key things to remember is that a will may not be for everyone, especially those who don’t have children or an estate to leave behind. Nevertheless, knowing what a will entails can prepare you and your loved ones for when the time comes. Consider drafting one out before making it official at the lawyer’s office to give you an idea and some closure.

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