A simple will is not expensive, and is definitely worth the peace of mind knowing your wishes are legally documented.
Between one-half and two-thirds of American adults don’t have a will.
This could be for several reasons…
- Many people don’t want to think about end of life decisions.
- They think a will may be too expensive.
- They don’t have much to leave to anyone.
- They think their belongings and assets will automatically pass to their spouse or children.
Dying without a will can cause confusion and potential family strife if your wishes are not known.
Do you need a will?
Wills are not just for the wealthy. Do you care about who gets your things when you die? Do you care about who gets your money when you die? Most importantly, do you care who takes care of your minor children if you die? Of course you do!
You need a will.
Wills give you the ultimate authority to direct who gets your property. You can make specific bequests of personal property or money. You can make charitable contributions. You can set up trusts for minor children, or you can even disinherit someone.
Wills are also necessary if you have been divorced, remarried, or have children from a previous or current marriage. You can designate who you wish to be the guardian of your children and who you want to manage any money they might receive while they are minors. You can also provide for adult children from a prior marriage, or ensure that your current spouse is taken care of.
Creating a will does not need to be a stressful or expensive process. Gather a list of your assets and debts, and think about who you would like to manage your estate once you are gone. Pick someone who is trustworthy, organized and familiar with your estate. Make sure to ask them if they are willing to serve as executor of your will or guardian of your children.