Many people don’t like to think about drafting a will. They may believe they’re too young to worry about these issues or they’re very busy with running a business and growing family. Perhaps they are concerned about the cost and would prefer to rely on family members to make the hard decisions for them. However, there are a number of good reasons why anyone should have a will drafted by an experienced attorney as soon as possible.
Five Reasons Why You Need a Will
- A will can make life for your loved ones easier during a difficult period in their lives. It can provide for an accurate, up-to-date indication of one’s intentions regarding the disposition of their assets upon their demise. A clear will states who receives what, taking the confusion, burden and guesswork out of the process, as well as the uncertainty that can follow when one dies intestate or without a will.
- Having a will is probably the best way to be sure that one’s money assets are distributed the way one wants. For example, if one wants to set up a trust for childrens’ or grandchildrens’ future education, the will can include a testamentary trust, or a revocable living trust can be created with a pour over will. One can also donate money to the charities of one’s choice, or will family heirlooms to a local museum. Unless these decisions are directly stated in a will, what happens after one dies can be a very messy affair.
- Another thing to consider for wealthy individuals are estate and/or inheritance taxes. Appropriate estate planning may reduce the amount of such taxes that might otherwise need to be paid.
- A will might offer invaluable protection for loved ones and one’s assets at the same time. One can designate guardians and/or trustees for underage children, which if not designated can otherwise be an arduous task.
- When is the right time to start thinking about getting a will? The answer is: right now. Accidents and unexpected circumstances can strike at any time. It’s better to be prepared and have the peace of mind that your family and estate will be taken care of the way you want. There often is a number of issues to consider which should be given thoughtful attention. That being said, some people need this legal document more urgently than others. This can include those with growing families or children approaching the college years, people who own a business or have a sizeable estate, or anyone whose financial situation or physical or mental condition has recently and dramatically changed.
If you’re considering a will, you probably have many questions and concerns. Your first and best source of information is with an attorney who has experience in the area.