Why Everyone Needs A Will
Wednesday, May 6, 2015 2:06:07 PM America/New_York
Understandably, it can cause an individual a considerable amount of distress to plan for the event of their death, even for young people who don't anticipate dying anytime soon.
While writing a will is task that may cause you some distress, it is vital that you eventually put your feelings aside and write one. Here are a few reasons why everyone needs to have a will.
Peace of Mind
One reason why you need a will is that it will give you some peace of mind.
Dying without a will means relinquishing control to the government over how your assets are distributed. In your will, you will have the chance to describe exactly how you want your assets to be distributed and you will also get to decide who will care for your children, if you have any.
After the death of a loved one without a will, the family members often end up bickering over the loved one's assets.
Another reason why you need a will is so that your wishes regarding the funeral arrangements will be fulfilled.
Don't make the mistake of assuming your family members know your exact wishes when it comes to your burial and funeral arrangements. It is possible that one family member will believe that you wanted to have your remains cremated, while another family member may be absolutely against the idea of cremating your remains.
If you don't outline your wishes in a will, your family members will be forced to make the decision for you. While such a decision may not matter much to you, it is possible that the process of making the decision will cause a rift between your family members.
Yet another reason why you need a will is that it can be less costly in the long run.
As you may know, it will usually cost you a few hundred dollars to have a will made. This cost deters many people from having a will made. However, if you don't have a will at the time of your death, the court may have to distribute your assets for you. This will certainly cost money.
Therefore, by having a well-written will, you can end up saving thousands in court costs. These costs would otherwise be paid from your estate. In your will, you will choose an executor, so the court system won't have to choose an administrator to supervise the distribution of the assets.
Choosing a Trustee
In your will, you can designated a person to be your trustee. The trustee is responsible for managing the assets that will be passed on to your children after you pass away.
Choosing a trustee is a good decision, especially if you have very young children. If your children are young, you likely don't want all of your assets being inherited by your children immediately.
As you can see, there are many reasons why you have a will made as soon as possible. The reality is an individual can die at any time, which is why you should have a will prepared just in case.