Your family could be the ones to suffer if you don’t have a will. If you have children, they may not know what you want, who should get which of your assets, and how much support they should receive. And if you die without a will, everyone may contest your decision. Here are some reasons you shouldn’t procrastinate writing your will.
1. It is a legal document
A will is a legal document, so it must be written properly and meet the requirements of the law, or it could be invalidated. You need to know exactly how much you owe in taxes, such as inheritance and estate tax, so you can leave enough money to pay off those debts. You need to know what property you own and how much it is worth, so there are no disputes over your wishes. Being a legal document, family law can be applied in cases of disputes after your death.
2. To establish a trust
A trust is a legal entity that allows you to own assets, such as real estate and money, even after your death. You can place the title of your property into a trust created in your will and then put another person or other people in charge of it if you want. This also gives more opportunities for distributing your wealth over time to avoid using it all in one generation. If you don’t have a will and you’re married, then the state where you live could determine how what is left behind is distributed.
3. Make provisions for dependents and minors
You need to make provisions for children and for others who may depend on you after your death. If you don’t, you could leave an estate where everyone else gets a small portion of the money, and nobody gets anything. If you die without a will, your surviving spouse can also contest your decision to deprive them of their share.
4. To make clear ownership of assets
When you own property, it can be difficult to know where it is. If you don’t have a will, there could be fights over who gets the house or how many shares of stock they get. Whether single or married, it’s important to know whether your friends, in-laws, and relatives want the house and what they want in the case of a divorce or death.
5. To plan your legacy
You don’t want to leave your legacy in chaos, so you need to write a will that describes clearly how you want your estate handled after your death. It’s a good idea to make sure that someone you trust will be the executor of your estate so they can manage the various assets and distribute them according to the wishes made in your will.
Conclusion
Writing a will is important because it ensures your assets will be distributed according to your wishes. This is the only way you can prevent someone else from making these decisions, which may not suit your circumstances and could result in a suit against your estate after your death.
Author information: Hannah Boothe is a graduate of the University of Washington in Marketing and English. With dreams of becoming a professional novelist, she also enjoys taking care of her dogs and helping out on her parents’ farm. She loves to read and enjoys cuddling up to a good movie.
