You may have heard about the importance of having a Will at some point in your life. The truth is it could be one of the wisest decisions that you can make for not only you but also for your loved ones. A Will not only provides legal protection, but it also is your voice of instruction for how you wish your affairs to be managed. While each circumstance varies, here are five reasons why having a Will is so important.
1. Tomorrow isn’t Guaranteed
When you realize that no one is guaranteed tomorrow, why would you continue to procrastinate on completing your Will? Unexpected death or an unfortunate disability can occur at any given time. At that point, it may be too late to carry out your wishes if there is no Will. When a loved one passes away, you are already left to deal with the sadness and stress of funeral arrangements, burial, etc. To avoid additional heartache during this heartbreaking time, it may be a wise idea to draw up a Will & Estate Plan. We highly recommend that you meet with a trusted lawyer who has experience with Wills & Estate Planning. They will help make the process as easy and painless as possible. Don’t procrastinate and wait until it is too late.
2. Establish a Guardian to Care for your Children
You have a choice regarding who will take care of your children if you pass before they reach adulthood. A Will is the only document where you can officially nominate your preferred choice. If you have minors, do them a favor, and leave a Will. You don’t want them to end up with a guardian who will not fulfill your wishes in caring for them properly. If you pass away and do not have a will, your children will be placed with a guardian appointed by the courts.
3. Make Arrangements for your Belongings
The most common reason for making a Will is to determine who will gain ownership of your property. If you do not have a plan in place, state law will determine the distribution of your assets. Many times, assets will go to your nearest relatives, but you can specify who will get specific items in a Will.
4. Decide Who Cares for your Affairs
In your Will, you will decide who will honor your wishes. This task is generally carried out by an Executor. Executors help to organize your affairs and ensure that any remaining details are appropriately managed. For example; they make sure that bills are taken care of, bank cards are canceled, and businesses are notified of your death. In your Will, you can appoint a trusted advisor or a loved one to carry out your business affairs.
5. Flexibility
A Will is not set in stone until you pass away. As life changes, you can make alterations to your Will if you wish to do so. As long as you’re alive, you have the right to make changes. People update their Wills as marriages change, and as births and deaths occur.