4 Reasons Why You Should Have a Will
Death is something that not many of us like to think about, especially when it comes to our own mortality. That could be a reason why only 45% of adults in the United States have a will.
A will or living trust, however, is essential not only for our final wishes but to make sure that our loved ones aren’t met with any unnecessary burdens once we’re gone.
- Planning for the Unexpected
A will or living trust can fill in the blanks if you are in a situation where you cannot make decisions for yourself or communicate them effectively. Designating a power of attorney can also help in this regard, ensuring that your wishes are carried out if you are incapacitated.
- Quell Frustrations of Survivors
In your will, you decide who receives your assets, and how much they receive. If you leave no guidance, you’re leaving it up to the state to decide. This will take up a lot of time for the loved ones who are managing your estate, and it could possibly cause frustrations for those who feel like they may be not be getting what you wanted them to get.
- Ease the Tax Burden
There are a whole host of tax laws concerning the estates of the deceased. By drafting a will, you will likely be made aware of these laws and work around limits set by the IRS, so your loved ones are able to keep more of what you’ve left for them.
- Protect Your Assets
Having a will can preserve your money and property by removing your name from your assets after your death. They can be put into things like trusts that offer legal protection from any potential lawsuits that may come in the future.
