Why You Should Write Your Will ASAPmahfoodlaw
If you don’t have a will, it may be time to consider writing one. Many people don’t realize just how important it is to have a will, even when you are fairly young – think 30’s or maybe even younger! You and your family will benefit greatly from having a will set up, as it never hurts to be prepared. A will provides you with peace of mind in so many ways, and can also allow you and your family to plan accordingly knowing what would happen in the event of your passing. Here’s why you should put writing your will on your to-do list right away.
If you have young children, you won’t have to worry about their safety.
One of the things you can do in your will is name a guardian for your children that are under the age of 18. Although this may not seem like a pressing thing to do, you never know what could happen, and you don’t want to leave your children in the hands of someone that you didn’t choose. This gives you the chance to really think about who you would want to care for your children, and you can also talk with your family so they would know what to expect. Obviously, we hope that this would never be something you would have to worry about, but it will give you peace of mind knowing that it’s taken care of. To a lesser extent, this also applies to pets, as you can designate someone to take care of them as well.
You can manage your business into the future.
Another huge thing you can do with a will is pass down ownership of a family business. This can ensure that your company continues to last and that it is managed by the appropriate person. This also gives you lots of time to prepare that person for the ins and outs of the job and train them if they aren’t already. You’ll feel much more comfortable knowing that all the work that you’ve done is going to be continued.
You can make financial investments and plan accordingly knowing who might receive those funds in the future.
This is particularly important if you have a very substantial amount of wealth to worry about. The way you approach a huge investment might be very different if you know you are leaving it to your children instead of your spouse, for example, as some people have more experience with wealth management and would do better receiving different things. You’ll also feel content knowing that your legacy is in the trusted hands of the person you chose.
Your family will feel more comfortable and less stressed in the event of your passing.
Since it is so hard losing a loved one, you’ll want to ensure that you do everything in your power to make it easier on those you care about. You can do this by getting your will ready now and assuring them that you’ve managed the important details. Even though no one wants to prepare for a horrible event such as losing a family member, your loved ones will know that when it does happen, they can focus their energy on grieving and remembering your life instead of trying to figure out exactly what to do with your assets.
If you don’t write your will, the government will divide up your assets.
It’s true – if you don’t have a will in place, the government will distribute your assets according to generic regulations in the event of your passing. This may mean that things end up in the wrong hands and can cause huge amounts of stress for your family, so it’s definitely something you’ll want to avoid.