April 12, 2023

5 Reasons To Write Your Will Now, #144

11 minutes

The process of writing a will can feel scary, overwhelming, and time-consuming. Studies show that 50 to 60% of Americans do not have one. However, creating a will is the cornerstone of every estate plan. On this episode, I’m going to give you five reasons why you should write your will now and the best ways to get started.

You will want to hear this episode if you are interested in...

Why you need a will if you’re charitably inclined [2:11]
Maintaining control through a will [2:48]
Taking care of dependants after you’re gone [4:27]
Using a will to leave a legacy [5:10]
Making life easier for your loved ones [6:55]
Creating a will and final thoughts [8:34]

Why you need a will

One of the main reasons to create your will now is control. If you don't name the executor of your estate, or you don't name who's going to get your assets, then you will be subject to the specific intestacy laws in the state that you pass away in or where your property is located. Your assets will likely go to family, but not necessarily the family you want it to go to. Nor will it be in the desired percentages without clarity from a will.

If you are charitably inclined, you may want to leave a legacy gift or a percentage of your estate to your favorite organization. Without a will, it is highly unlikely that will happen. Wills also ensure that any children or grandchildren in your care go to the desired guardian in the event of your passing. You can even designate a guardian for the child and a separate person to manage their finances if desired. But you need a will to make it happen.

Support your family through estate planning

At the end of the day, the last thing anyone wants to do is make their passing harder for grieving loved ones. Establishing a will now, guarantees your family won’t have to jump through hoops just to settle your estate. Having a will cuts down on time and probate costs because it’s immediately clear who should get what. It also prevents the likelihood that your estate will be contested and avoids family drama during an already difficult time.

Your final step in the will creation process is putting together what’s known as a family love letter. This is a guide for your family to execute your wishes in the event of your untimely passing. It can include wills, asset lists, contact information for lawyers and accountants, insurance policies, and funeral requests. Basically anything your family could need to settle your estate and ensure your exact wishes are honored. The inclusion of a family love letter provides much needed clarity and comfort when your family needs it the most. Listen to this episode for more reasons to write your will now!

Resources Mentioned