For most of us, seeing “make a will” on our to-do list is very daunting. This month is Make-a-Will Month which is the perfect time to be reminded of the importance of having a will and trust, even if it can be a difficult subject. Below are three reasons why everyone should have a will, no matter your net worth.
1. You Decide How your Assets are Distributed (not the courts!)
Only by creating a will can you decide who should receive your money, assets, and belongings after your lifetime. Without a will, the courts will determine who is “next of kin” and hand everything over to that person (after taking a substantial amount themselves in fees).
A will allows you to choose the recipients of your estate, however it’s not enough if you want to avoid having the courts involved in distributing your assets entirely (known as probate). If you want to save your loved ones the hassle of going to court and paying the associated fees, you must create a trust in addition to a will. Learn more about trusts: https://www.freewill.com/learn/what-is-a-revocable-trust
2. Give Your Loved Ones Peace of Mind
Unfortunately, the distribution of an individual’s money and belongings can cause a lot of strife and tension in families. The process of having your estate go through probate can be time-consuming, expensive, and contentious.
If you have a will, you can streamline this process and you can pick the person who will oversee administrating the will. If you lay out your wishes clearly in a will, you can save a lot of needless confusion and conflict.
3. Leave a Legacy
If you would like to leave a gift to charity as part of your legacy, you can only do so through a will. A gift after your lifetime can be a beautiful expression of your values and beliefs and a wonderful gift for your community. The Foundation is here to help with ideas and solutions for legacy gifts. Find more information on our website or contact us to discuss your situation.
At the Foundation, we are here to help you if you have questions about creating a will or if you simply don’t know where to start. Contact us today to discuss!
Already have a will/trust/estate plan?
This is your yearly reminder to review your documents and ensure that everything is up to date. It’s recommended that you review your documents at least once every five years or more often if you’ve had a major life event.
Have you already named charitable beneficiaries in your estate plan? Would you like to? We can help simplify the process. Learn how!