Many people avoid making a will because they are
- Financially Unsteady
- Afraid of Legal Fees
- Afraid of Death
Still, a will is a good idea for most adults because it can do the following.
Parents should have a will that provides detailed instructions for their children’s guardianship and upbringing. Without a will, the court determines children’s fate after their parents’ death. Therefore, the court may determine that a particular relative should raise your children even if you disagree with that individual’s parenting style. Having a will is especially important for anyone who has children.
If you don’t have a will, the state will have the final say over what happens to your assets, even if your only assets are things like your piano or stamp collection. Despite your promises to leave your belongings to a favorite relative, the state may have other ideas about who should receive them. Without a will, you risk quarrels and bad feelings among family members.
Support a Favorite Charity
If you actively supported a cause for most of your life, you may want to continue that support after your death. However, your relatives may disagree and choose not to honor your wishes for distributing your money. If you don’t have a will, you can not guarantee that your favorite charity will continue to receive your support. A will can solidify your intentions and prevent heirs from misdirecting your assets.
Protect Your Loved Ones
It is especially important to have a will if you want to leave your assets to a non-family member. For instance, the law does not treat unmarried life partners in the same way as those who are legally married. Without a will, you can’t count on leaving your assets to a friend, partner, or any other person with whom you are not legally connected. A will makes it possible to leave your estate to anyone you choose.
Get You Thinking
Making a will can give you a perspective for your life and financial health that you may not have in your daily life. For example, creating a will and itemizing your assets might force you to consider growing your savings or assure you that your finances are stable. Having all of your assets on paper, in one place, can provide insight into your financial future.