Fight Procrastination - Get a Will

August 25, 2020

It doesn’t matter what your financial status is or if you’re married, single, or have children. A will is a necessity.

It’s a difficult thing to think about and even harder to have a conversation regarding, but when it comes to your finances, death is a necessary factor to consider. Financially speaking, it’s important to make decisions well in advance. Very few of us can plan our death, but we’re all capable of planning the affairs surrounding our passing.

It doesn’t matter what your financial status is or if you’re married, have children or single. A will is a necessity, but, according to a 2019 study by Merrill Lynch Wealth Management, only 55% of Americans ages 55 and up have a will – and 23% of wills are estimated to be out of date.

So, even though we know we need a will, why do we put them off?

I’m not a millionaire, so my finances won’t be that hard to split.

It doesn’t matter how much or how little you own. A will is necessary to designate who gets what. Family feuds have started over relatively small amounts of money and assets. Be sure to be detailed in your will to explain who you want your money and possessions to go to.

I’m too young for a will.

Sure, we all hope to live a long life, but the reality is we can’t know when our time comes. Unexpected illnesses or other emergencies do arise. Having a will in place helps ease the burden on your family during an emotional time.

I don’t have the money necessary to draw up a will.

Having a simple will drawn up by a lawyer is actually an inexpensive process. You can also choose more of a “do-it-yourself” method by selecting a fill-in-the-blank form offered through most state bar associations or purchase a software package to walk you through the process.

I’m sure my mom will take care of my kids if something were to happen to me.

Unless it’s in writing, a court of law will decide who takes care of your kids if you die. The most important thing you can include in your will if you have minor children is a designated guardian. It will leave you secure in the knowledge your children will be cared for by a friend or family member whom you trust.

I’m single and don’t have any kids, so I don’t need a will.

If you have certain things you’d like to go to specific family members or friends, have a will drawn up. Even money should be designated, no matter the dollar amount.

Making a will might not be a fun thing to do or think about, but the peace of mind you’ll receive from doing so will make you and your loved ones feel better in the long run. Talk to a lawyer or financial advisor to get started today.

Legal, Investment and Tax Notice: This information is not intended to be and should not be treated as legal advice or tax advice. Readers should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal or tax advice from their own counsel.