Why Do You Need a Will?

While planning a will might not be the most enjoyable task, it’s a crucial step in ensuring that your wishes are honored after you pass away. This could include how you would like your affairs managed, how assets should be distributed and even who will care for your loved ones. 

By creating a will, you can clearly express how important decisions should be handled and minimize potential conflicts or stress in an already difficult time. Here are some reasons to consider a will.

What Does a Will Do? 

A will is an important component of an estate plan, serving as legal documentation that outlines how your assets should be distributed after you pass away. It also may designate beneficiaries and executors of your will. Wills can also be used to provide funeral instructions or support charitable causes you may care about. 

6 Reasons Why You Need a Will

1. Control Who Gets Your Assets and Property

A will allows you to decide who receives your property, ensuring your assets go to the people or organizations you care most about. By naming beneficiaries in your will, your assets and personal property will go to the designated people or places you have listed, giving you the control.

1. Save Time and Money for Your Loved Ones

You can minimize the need for legal disputes and streamline the probate court process by outlining how your assets should be distributed in your will. If you die without a will, also known as dying intestate, your assets are managed by the courts. This process can involve lots of time as well as attorney fees, accounting costs and court charges. If you avoid probate court, you can save time and money for your loved ones. 

1. Avoid Leaving Executor Decisions Up to the Courts

By choosing an executor in your will, you can clearly state who you want managing your estate. Not only does this nomination eliminate the need for family members to argue about who is taking on the role or leave the decision to the courts, it also allows the executor to begin carrying out your wishes efficiently and effectively. 

1. Choose Who Will Care for Your Children, Pets or Dependents

If you have minor children, pets or even elder family members in your care, a will enables you to designate a guardian to care for them. In the case of minor children, the court usually must approve the guardian nominated in the will based on the child’s best interests. This also may depend on your location, as each state has its own rules and regulations for probate and guardianship.

1. Avoid Family Disputes

Having clear documentation of how your estate should be distributed can minimize any family disputes that may arise. By creating a will, you can avoid legal battles and strained relationships. 

1. Give Gifts

By outlining gifts in your will, you can make a lasting impact and a financial legacy. Whether you are contributing to a charity you care about or helping loved ones pay for education or a home, giving gifts can be an effective estate planning device. In some cases, giving gifts can have tax advantages for your estate and the recipients.

By laying out your finances in a legal document before you pass, you can have peace of mind knowing you will do good in the lives of those you care about. 

When Do You Need a Will?

Keeping your will up to date is just as important as creating one. When you encounter big life changes, it’s important that your will reflects those changes. Here are some instances when you should consider updating your will: 

• Familial Status: When you get married, divorced or have children, it’s important that all individuals necessary are included in your will. 
• Changes in Assets: If you acquire new assets or dispose of significant ones, such as property or investments, it could have an impact on your will. 
• Beneficiaries’ Circumstances: When your children become adults that don’t need designated guardians or other beneficiaries experience a big life change, like becoming ill or passing away, your will may need to be updated to reflect these changes. 
• Relocation: Moving to another state or country may require updates to your will to comply with local laws and regulations. 
• Regular Review: Even if major life changes aren’t happening, it’s a good practice to review your will every few years to ensure it aligns with your current circumstances and your wishes for the future. 

Plan Ahead for Your Loved Ones

Failing to plan ahead for your family may have a large impact on your loved ones after you’re gone. Providing for your loved ones and safeguarding your wishes doesn’t need to be challenging. If you need some guidance, contact a Farm Bureau agent or financial advisor.