Most adults recognize the value and importance of a will, but according to Forbes, over 50% of Americans don’t have one. This is a startling statistic in light of how this could negatively impact your family and their future.
Having a will is one of the most important things you can do for yourself and your family. Not only can a will protect your spouse, children, and assets, it also details your final wishes, making your passing less difficult for your family.
Top 5 Reasons to Have an Updated Will:
#1: Your Children.
A will allows you to specify who should take care of your minor children. Absent a will, the courts will choose from family members or select a state-appointed guardian on your behalf. Having a will allows you to appoint the person you want to raise your children. A will also enables you to allocate funds for their important future milestones like a college education.
#2: Your Assets.
A will is a legally-binding document that details how you would like your estate to be handled upon your death. If you die without a will, there is no guarantee that your intended desires will be carried out. An updated will also minimizes the potential occurrence of any family squabbles that may arise as it details the “who, what, and when” of your final wishes.Appointing an executor is equally important. Executors make sure all your final affairs are in order, including paying off bills and notifying the bank and other business establishments. Because executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone who is honest, trustworthy, and organized.
#3: Your Family.
Death is difficult enough for families without adding confusion to the mix. A properly written will helps make your wishes clear. You can specify details of your funeral and other final wishes, which can infinitely diminish any potential stress for your surviving family.
#4: Your Legacy.
What issues do you care about? What charities matter to you most? A will allows you to map out your final wishes in terms of charitable giving. The ability to make final charitable gifts is a good reason to have a will because it allows your legacy to live on and reflect your personal values and interests.
#5: Your Peace of Mind.
Procrastination and an unwillingness to accept death as part of life are common reasons for not having a will. But regardless of your net worth, having a plan in place to provide for your family is absolutely essential. Don’t wait until an unexpected death or disability occurs to begin thinking about putting a will together. Avoid the added stress on your family and meet with one of our experienced attorneys to start planning now.
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We administer estates and handle litigation related to estates such as will contests. Call 865-691-2777 to set up an initial consultation to discuss your Wills and Powers of Attorney, or reach us through our convenient ONLINE FORM for more information about our practice.