Something that can make people uncomfortable is thinking about end of life planning. It is something that needs to be done. This is especially true when it comes to making a will. A will is a critical document you should create early and update often. Here is why it is important to have a will.
Specify Who Gets Your Money and Possessions
Around 51 percent of people do not have a will when reaching retirement age. The possessions of those people will be distributed according to state or federal laws and guidelines that could be completely unfair. Having a will is important because it lets you control who gets your money and possessions. You can specify exactly how you want everything divided between family, friends and even charities.
Be Able To Pick Your Executor
A will allows you to pick the executor for your estate. The executor is the person who will take care of the small details, settle disputes and make decisions about things related to your property. You want someone you trust and not just a random person who knows nothing about you. A will is the best way to name an executor.
Prevent Legal Disputes and Family Fighting
Not having a will prepared means that your family, friends and possibly even business associates might get into heated legal disputes with each other. Fights could break out over who was intended to get what. A will can potentially prevent legal disputes and family fighting. It clearly spells out your wishes so that there is no uncertainty.
Supplement an Estate Plan
Although you might already have some type of estate plan in place, you really want a will to supplement it. Estate plans do not always define what should happen with some smaller details or unusual situations. Your will can act as a backup document showing what to do when there are not specific guidelines offered by the estate plan. This will simplify everything.
Take Care of Children, Pets, Debts and Land
Over 2.5 million people die annually in the country leaving many things and people behind. You want a will since it allows you to take care of children, pets, debts and land. You can assign a guardian for your children. You can forgive debts other people owe you. You can set up managers for land or trusts for kids and pets. You can even use a will to give away a business or donate to a specific charity.
Stop the Government from Taking Your Property
One final reason to have a will is that the government might be able to take your property without one. There are situations where property, money or other assets might not be given to your family or friends. The government could potentially seize those assets. A properly written will prevents this from occurring.