According to USLegalWills.com, 71 percent of Americans do not have an up-to-date will in place as part of their estate plan. When someone passes who doesn’t have a will, it leaves their family questioning whether they make the right decisions. Family members might even find other assets owned by the deceased person many years after their passing because there is no documentation listing all of that person’s assets.
A will is a legal document that addresses the needs and wishes of a person who has passed regarding personal property, children, and medical care. However, many people know that they need a well, and it is for their family’s good but never take the time to have one written.
Who Needs a Will?
There is a thought that only those who are older with money and assets are the only people who need to draft a will; however, this couldn’t be further from the truth. Any person, regardless of their age or wealth, should have a will as a method to ensure that your wishes are complete once you no longer have a voice. Even if you have no assets to your name and you have minor children in your life, you need to address who would care for them should anything happen to you.
Benefits of a Will
- Executor
When you have a will, you can name someone known as an executor; this person will execute the deceased person’s wants and desires. As the will’s drafter, you can identify an executor you trust and who you know is competent; this could be a member of your family or a lawyer. We all have that one family member whose heart is in the right place but may not be the sharpest tool in the shed, avoid family members becoming volunteers, and name an executor. Naming an executor ensures that your wishes are carried out, your affairs will be in order, and any debts to the estate will be paid off.
- Saving Your Family Time and Money
If you don’t have a will, a court will have to decide on behalf of your estate; this is called probate court. Having an estate go through probate court is often a lengthy process that causes anyone dealing with it an undue amount of stress, confusion, and anxiety. The probate court will delay any property sale, distribution of funds, and closure of the estate.
- Decreases In-fighting
If you do have some assets, such as land or antique baking dishes, you need to decide who will be receiving these assets. Having a will that dictates who will receive your items will decrease in-fighting among family members because you have made your wishes clear.
Do I Need a Lawyer?
It is not necessary to have a lawyer when drafting your will. There are excellent online venues and software packages that will assist in writing your will. However, the bigger your estate, the more likely you will want a lawyer to ensure that everything is correct and there is zero misinterpretation when your family reads it. Your lawyer might even want to bring in other professionals like a Certified Public Accountant (CPA) or a financial planner.