Wills aren’t just something for the aristocratic or famous. They are something that everyone needs, regardless of wealth or health status!
Why? Because when it comes time, your loved ones should be more focused on your passing than on dealing with the mess that ambiguity could leave behind.
Remember – what may seem straightforward and obvious to you will end up open for debate in your absence, and that can lead to deep consequences amongst family.
Here are 7 reasons why you need a will:
1. Save time, money, and stress for your loved ones by avoiding lawyers and arbitration.
2. You dictate who will manage your estate. You can name an ‘executor’, and your choice may not be what everyone else would assume.
3. You get to decide who gets what – and who doesn’t. Sure, maybe you are fine having everything split evenly, but
then again - maybe you don’t want your life savings going to the nephew who blows his money on cars and gambling.
4. Outside of monetary value, you have other considerations to take to heart. Who will take care of your children? Your animals? These are even more valuable than the car or house, and your wishes should be clear and concise.
5. You have the opportunity to do good! You can dictate that a portion of your assets go to a charity or cause of your choosing, leaving a legacy you are proud of.
6. You will provide your own funeral instructions. Where and how to have the funeral, or if you prefer something unconventional, etc.
7. Minimize estate taxes. Doing your due diligence now will help you set out a game plan for when the time comes that could save a lot on estate taxes, benefiting your recipients.