5 Reasons To Write A Will

Have you heard the story that’s been all over the news lately? A celebrity dies unexpectedly without a will. Lawsuits and family battles abound, leading to a never-ending probate process and a lasting stain on their legacy.

Even though it is common knowledge that wills are an important part of end of life planning, it’s not just celebrities who don’t get around to writing one. According to a recent survey, only 42% of U.S. adults currently have a will. With so few people in possession of this important document, it seems clear that no one likes to talk about death, and the task of writing a will is often postponed until “later.” This unfortunately leads to little or no conversation between families about preparing for the end until it inevitably arrives.

Everyone should have a will. If you need more convincing on why you should get started on one, here are 5 reasons to write a will:

Make your final wishes known - your current situation (young or old, rich or poor, sick or healthy) does not matter when it comes to documenting your final wishes. Plan ahead and take the time to think about what you want to happen when you die. Write out a comprehensive list and include with your will if necessary. Some items you’ll need to consider including are advance healthcare directives, specific funeral preferences, and estate planning decisions.
Select a legal guardian - if both parents die without naming a legal guardian to look after their children, this responsibility is left up to the courts. To avoid having the state decide who gets physical custody of your children, select a guardian and personally inform them of your decision before you make it officially known in your will. Choosing another person to raise your children is a difficult decision, but one that all parents must make as soon as they possibly can.
Appoint beneficiaries - even if you don’t own much in the way of assets, it still makes sense to choose beneficiaries of your estate. A will lets you declare who will receive your assets and property, when and how they will receive the specified items, and who will manage the distribution process. If you don’t name beneficiaries in your will the state determines how your estate should be divided, and this can turn out to be a legal nightmare for those you leave behind.
Get your affairs in order - writing a will forces you to get organized about your financial, legal, and familial responsibilities. For example, those with substantial property and estates may need to prepare a living trust in addition to a will - lawyers will be involved and family members may also ask to be included in the process. It’s important not to rush through this exercise - start planning early to avoid irreversible mistakes.
Ease the burden - writing a will helps ease the stress placed on your family after you die. Your will and end of life plan should include instructions for your funeral preferences and answer all questions regarding your estate distribution. Your loved ones can pay their last respects without worry, and having this peace of mind is a priceless gift they will always remember.