Did you know that according to a recent survey, more than half of all adults in the United States don’t have a will? (1) That’s a surprising number, considering a will is such a fundamental part of financial planning.
What would happen to your assets if you passed away without a will? Who would inherit your belongings? How would your debts be handled? These are just a few of the important questions that a will can help answer.
August is National Make a Will Month, and it’s the perfect time to get your affairs in order. In this article, we’ll explore the importance of having a will and provide valuable insights to help you get started.
What is a Will?
A will is a legal document that outlines your wishes for how your assets should be distributed after you pass away. It can also name a guardian for your minor children, if applicable.
Having a will helps ensure that your loved ones are taken care of according to your wishes. It can also minimize family conflict and confusion during a difficult time.
What Happens Without a Will?
If you die without a will, your assets will be distributed according to state law. This may not align with your wishes, and it could lead to a lengthy and expensive probate process.
Benefits of Having a Will
There are many benefits to having a will, including:
- Confidence that your loved ones will be taken care of
- Minimizing family conflict
- Avoiding probate
- Naming a guardian for minor children
Getting Started with Your Will
Creating a will is a relatively straightforward process. You can use a do-it-yourself online tool, hire an attorney, or use a combination of both.
Here are some things to consider when creating your will:
- Your assets and liabilities
- Your beneficiaries (who will inherit your assets)
- A guardian for minor children (if applicable)
- An executor (the person responsible for carrying out the terms of your will)
It’s important to note that this article is for informational purposes only and should not be considered legal advice.
Building Your Financial Future
Do you have questions about creating a will? Would you like to discuss your unique financial situation and estate planning needs?
We encourage you to schedule a meeting with a financial professional and your estate planning attorney to learn more about wills and estate planning and help you make informed decisions about your future and the future of your loved ones.
Remember, creating a will isn’t just about distributing assets; it’s about providing clarity, reducing stress for your loved ones, and ensuring your wishes are respected. This National Make a Will Month, take the first step towards securing your legacy and protecting those who matter most to you.
Source:
(1) “2024 Wills and Estate Planning Study.” Caring.com, www.caring.com/caregivers/estate-planning/wills-survey/
Our firm does not offer tax, legal or estate planning advice or services. Always consult with your own tax and legal advisors.
