Having a will is important for all adults, no matter the amount of wealth and assets they own. If you want to know why it’s so important to have one, follow along for the top five reasons.
1. You Appoint Your Estate Manager
When you have your will written and stop being one of the 60% of Americans who don’t have a will, you have the benefit of appointing someone to manage your estate. This may be necessary when you’re no longer there, or when you’re unable to do as you wish by yourself. The person you appoint in this regard is called an executor and it’s their job to make sure that your wishes are carried out to the letter. From liquidating assets and closing bank accounts and more, this person will be responsible for a lot, so you need to choose someone who will be capable and level-headed.
2. You Give Your Loved Ones Peace of Mind
When you have a will, you help to make the legal process of redistributing your assets faster and easier for your family. This process can be extremely long and convoluted if you don’t have a will, sometimes even taking years to complete. The person that’s going to be put in charge may also not be one that you would have chosen otherwise. To avoid all of this, write a will and outline your wishes clearly so that you leave your loved ones an easy time. You can even outline the kind of healthcare you would like to receive should you be in a state in which you can no longer choose for yourself. Enrollment in Medicare, according to AARP, is expected to reach 79 million by the year 2030, and this is one option you may have.
3. You Spell Out Your Wishes for Your Funeral
While you may not want to think too much about your funeral, it’s good to outline what you wish would be done. This will see to it that your final instructions are followed. From cremation wishes to other details, there are many things that you may want to be observed and that you can outline clearly in your last will and testament. About 46% of adults aged 40 years and older have had conversations with their friends or families about how they would like to be remembered during their memorial service or funeral. This shows that many people are open to discussing their funeral arrangements so you shouldn’t have any reservations about the same.
4. It’s Possible to Leave a Legacy
If there’s a cause you stand for, you can continue supporting it throughout by including it in your will. You can leave a legacy by leaving them a part of your estate and ensuring that you play an active role in leaving the world a better place than you found it. The charitable organization that you help to fund will appreciate your gesture and will enjoy this additional wealth that they didn’t have. It doesn’t matter what you choose to support, as long as it’s a cause that’s near and dear to your heart.
5. You Name a Guardian for Your Children
If you have young children, it’s important to ensure that they keep enjoying the lifestyle you would want for them even after your demise. This can be provided for in a will when you appoint a guardian for them. Usually, if one parent survives, they get sole custody of minors, but in the event that neither of them does, it becomes important to have a nominated guardian for your children. It’s great to have someone you chose rather than have the courts appoint a guardian on your behalf as they may not make the best choice.
There are many affordable options available if you want to write a will, so consider these important reasons and secure your estate’s future.