As we navigate the various stages of life, it's easy to get caught up in the day-to-day hustle and bustle, often forgetting to plan for the future. However, there's one essential aspect that should never be neglected – creating a will. To emphasize its importance, National Get a Will Month encourages individuals and families to take a proactive approach in securing their legacies and ensuring their loved ones are cared for after they're gone.
While it may seem like a morbid task, creating a will is a responsible and thoughtful act that can alleviate stress and potential conflicts for your loved ones during difficult times.
Amber and I are currently working with a 21 year old woman whose father died and did not have a will. There are many other circumstances that involve a business and people (that we cannot share with you) that have made this very difficult for this young woman. The first time she met us, she broke down crying that she had no idea where to start to sell the home. We pulled an Owners and Encumbrance report and found other issues she has to work through. With our past experience working with this situation, we will walk through this journey with her.
This is just one of multiple situations we have encountered helping people who have been left with no direction after a loved one has died. Below are the benefits of having a will.
- Clarity and Control: Creating a will provides you with the opportunity to clearly outline your wishes regarding the distribution of your assets. It ensures that your possessions, investments, and even sentimental items are distributed according to your preferences, minimizing ambiguity and potential disputes.
- Guardianship of Dependents: If you have dependents, especially minors, a will allows you to name guardians who will take care of them in the event of your passing. This ensures that your children are raised by individuals you trust, rather than leaving the decision up to the courts.
- Avoiding Intestacy Laws: Intestacy occurs when a person dies without a valid will. In such cases, the state's intestacy laws dictate how the estate is divided, often without considering your personal relationships or desires. Having a will allows you to have control over the distribution process, avoiding potentially undesirable outcomes.
- Minimizing Family Conflicts: The absence of a clear will can lead to family disputes and strained relationships. Creating a will reduces the likelihood of conflicts arising among your loved ones, as your wishes are explicitly laid out.
- Tax Efficiency: Proper estate planning, including will creation, can help minimize the tax burden on your estate, ensuring that your beneficiaries receive more of your assets.
- Protecting Unmarried Partners: In many jurisdictions, unmarried partners do not have legal rights to inherit assets if a will is not in place. Creating a will ensures that your partner is provided for in your absence.
- Peace of Mind: Knowing that you have taken care of your affairs and the future of your loved ones brings a sense of peace and relief. It's a thoughtful gesture that showcases your consideration and love for your family.
So, let's honor National Get a Will Month by getting a will prepared. You can always change it if you need to. I believe it is the best legacy you can leave for your family.