Why should you have a will?

Why Have A Will?

Creating a will can be a scary thought as wills are associated with the end of one’s life, something no one wants to think about. However, having a will can benefit your family and make a trying time a little easier on them.

Benefits of Having a Will:

The most valuable part of having a will is to make certain your family is taken care of. It lets you decide where your assets will go instead of leaving it up to the state. It will also speed up the process of administering your estate, allowing your beneficiaries to get their inheritance in a timely manner.

Perhaps one of the greatest advantages of creating a will is that it can prevent disputes over property and assets between your family members. Without a will, the property and belongings you leave behind are divided up equally, usually in some proportion between your spouse and children. If you do not have a spouse or children, your estate ends up going to your next closest relatives, meaning your parents, aunts, uncles, and cousins. For some, this might be family they don’t even know about. Wouldn’t you feel better knowing those closest to you are going to be the recipients of your effects? And wouldn’t you feel better knowing that your family knows who gets what of your belongings? Too many times when an estate lacks a will, family members end up fighting over heirlooms. Rather than creating additional grief over sentimental items, it is often easier to allocate them to someone in your will or to decide in your will which family member is going to have the final say.

Not only can your will help prevent disputes among your beneficiaries, but it can also allow them to know what your last wishes are in terms of your burial. It lets your loved ones know if you have a preference for where you will be buried and how, something they may not know if you haven’t talked to them about it. Your will can also let your family know what should happen to your children if something were to happen to you before they reached 18. You can name a guardian for your children and also include provisions for handling their share of your estate, such as setting aside an account for college.

All in all, despite the negative thoughts associated with drafting a will, they are important to have. You want to make sure your family and love ones are taken care of in their hour of need, and the best way to do so is to set up provisions for them in your will.