The Perfect Time To Draft a Will Is Now
If you’re like most people, you assume that wills are for the old, sick and wealthy. The truth is that everyone needs a will — yes, even the young and broke. Life is unpredictable, and you never know when something might happen that may render you incapacitated or prematurely end your life. Though a gloomy concept to consider, you must have a plan in place for everything from who will make major decisions on your behalf to the distribution of your assets. By accounting for these things sooner rather than later, you can save your loved ones a world of headaches if, for whatever reason, they lose you too soon.
Top 4 Reasons You Need a Will Regardless of Age or Wealth
Creating a will is simple, yet the benefits are vast and far-reaching. Check out the top four reasons to draft a will today.
1. A Will Secures End-of-Life Medical Decisions
If you have a strict stance on end-of-life medical decisions, such as a “Do Not Resuscitate” preference or cremation versus burial, it’s crucial that you not only voice them to your loved ones but also document them in a will. If you fail to document your wishes, the state will assign a person to make important decisions on your behalf. Unfortunately, even loved ones will forego a deceased or incapacitated person’s wishes in favor of their own. To ensure this doesn’t happen, legalize your preferences in a will.
2. It Makes Your Wishes for Your Assets Clear
One of the biggest reasons to make a will is that a will can tell your family how you wish to distribute your wealth (if you have any) and possessions. Without a will, your possessions will go through “intestate succession,” which means the state will dictate who in your family gets what. Even if you agreed with your state’s intestate succession laws, there is no way for the state to know that you wanted your sister to have that jacket with the embroidery or for your mom to have that piece of pottery she’s been coveting for some time.
A will can tell your loved ones exactly who gets what. If you have money saved away, it can also tell your loved ones how you want to distribute it.
3. A Will Helps To Tie Up Loose Ends
A will can help manage all the logistics that come with dying prematurely. Regardless of how organized your life is, the chances are that some loose ends are floating around. Perhaps you forgot to pay last year’s tax bill, or maybe you have outstanding student debt? When you make a will, you must name an “executor,” who is the person who will manage your affairs and tie up those loose ends when you are no longer able to.
4. A Will Can Account for Minor Children
Finally, if you have young children, you need to account for who will care for them if you should happen to pass away before they come of age. You can name a guardian through a will, which will give you peace of mind that your children are in loving, caring hands regardless of what happens to you.
Creating a will is the last thing any young and healthy person wants to do, but it’s necessary. It’s also incredibly easy. By devoting just a few hours of your time to the process, you can achieve peace of mind and simplify things for your loved ones in the unfortunate event something happens to you.