Wills have a reputation of being just for the wealthy. The purpose is to assign assets to specific people or places, ultimately avoiding conflict between family members. It’s necessary for wealthy people to make sure their affairs are in order, but it’s just as important for the non-wealthy. Here are some reasons why wills aren’t just for the wealthy:
Children and Legal Matters
If you have children, it’s important to make sure they are taken care of after you’re gone. If you don’t have a will drawn up and your children are minors, it becomes the court’s decision to decide who is their legal guardian. Not only will you save your children potential hassle, but you will also feel better knowing your children will be safe after you’re long gone.
Creating a will can also keep your spouse from facing legal difficulties. If you pass away, your spouse is still subject to ownership regardless if your assets have joint names. This involves many legal fees, costs, and unnecessary stress. Creating a will allows all joint ownership to rightfully go to your spouse.
Accounts and Property
If you’re still on the fence whether or not to create a will, take into consideration your savings account. Where do you want that money to go after you’re gone? Do you want it to go to one person? Charity? Given to someone spread out over a period of time? By indicating who you want your assets to go to, the possibility of it getting distributed to the wrong place is far less.
Also take into consideration your house or property. If you don’t determine where or who you want your belongings to go to, the state will do it for you. The state doesn’t always have your best interests in mind, therefore everything you own may go to a person or place you disapprove of, often times causing family tension. It’s easy to just make a will and save your loved ones a lot of stress.
Medical and Insurance
In case of medical difficulties, a will might be the right option for you. In the event of you incurring a vegetative state, what would your decision be? It’s important for you to include in your will if you want your life to be sustained or prefer long-term care. You can also determine who you want to decide to make your life choices on your behalf. Without these clear guidelines listed in a will, family and loved ones face great hardship.
Life insurance is another factor to consider putting in your will. In case of the event that the spouse who provides immediate income passes away, life insurance provides the living spouse with financial means. Life insurance would help the surviving family live more comfortably without worrying about where their next paycheck is coming from.
Once you’ve written your will, always update it. Life changes at a rapid pace, including family dynamics and financial situations. It’s important to keep your will as accurate as possible because it not only saves your family, but it also saves you.