5 Reasons To Write Your Will Now
Let’s talk about something that’s essential for securing your future: having a will. Many people find the process of creating a will to be overwhelming, scary, or just something they haven’t found time to do. But the reality is, a will is a cornerstone of any estate plan, and it’s far too important to put off.
In fact, studies show that about 50 to 60% of Americans don’t have a will. So, if you haven’t created one yet, here are five important reasons why you should:
1. Charitable Giving
If you’re someone who donates to charity now or would like to leave a portion of your estate to a cause you care about, a will ensures that your wishes are carried out. Without a will, your donations may not happen as you intended.
You can directly name charities in your will, specify which assets you want to donate, and set clear instructions on how your charitable giving should be handled.
2. Control Over Your Assets
Without a will, your estate will be distributed according to the intestacy laws of your state—whether or not that aligns with your wishes. Intestacy laws are the default plan when someone passes away without a will, and they typically distribute assets to family members based on state laws.
However, the distribution may not be what you want or in the proportions you’d prefer. A will gives you full control over who gets what, whether it’s physical property or financial assets like investment accounts, retirement funds, or savings.
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3. Protection for Minor Children or Dependents
If you have minor children or anyone else you're responsible for, a will allows you to name a guardian for them. If you don’t specify a guardian in your will, the court will make the decision, which may not be in line with your wishes.
You can also appoint someone to manage any assets you may leave behind for your children, such as savings or trusts. A well-thought-out will gives you peace of mind that your loved ones will be cared for the way you want.
4. Creating a Legacy
A will can also help you create a lasting legacy. Through your will, you can establish what's known as a testamentary trust—a trust that takes effect after your passing. This is especially useful if you want to set restrictions on how your beneficiaries access your assets.
For example, if you’re concerned about a child handling a large sum of money too early, you can set terms that control when and how they can access the funds. A testamentary trust can also protect the assets from bankruptcy, lawsuits, or divorce, giving your beneficiaries a financial safety net. Without a will, you lose the opportunity to set these safeguards.
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5. Simplicity and Peace of Mind
Lastly, a will helps simplify the process of settling your estate. A clear and well-organized will reduces the chance of confusion, unnecessary delays, and disputes among your family members.
It can also reduce the costs of probate, minimize attorney fees, and make it easier for your loved ones to access your estate. By clearly outlining your wishes, you reduce the likelihood of your estate being contested, and most importantly, you reduce stress for your family during an already difficult time.
How to Create a Will
If these reasons resonate with you and you’re ready to create your will, there are a few options available:
DIY Solutions: Websites like LegalZoom or Willmaker allow you to create your will online. These tools are affordable and convenient, but make sure you're following your state's requirements for a valid will (such as notarization).
Employer Legal Programs: Some employers offer group legal services, which may provide discounted rates for will preparation. This could be a good option if you’re looking for an affordable way to get it done.
Hire an Attorney: If your estate is more complex, or if you’d prefer professional guidance, hiring an attorney is a great option. It may cost a bit more, but it will ensure your will is done properly and that you have all the bases covered.
Remember, procrastination is the enemy here. If you’ve been putting it off, consider picking up the phone and scheduling an appointment with an attorney or signing up for a DIY service today.
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Keep Everything Organized
Once your will is created, it’s crucial to ensure your loved ones can easily access it when the time comes. One way to do this is by putting together a “Family Love Letter.” This document lists important details about your assets, trusted advisors, and any debts you owe, making it easier for your family to manage your affairs. Store your will and Family Love Letter in a secure, fireproof box to protect them from damage or loss.
Closing Thoughts
Having a will in place will not only ensure your wishes are carried out but will also relieve your family of additional stress during an already challenging time. So, if you don’t have a will, now is the time to make a plan. Whether you do it yourself or work with an attorney, getting your will in order is one of the best decisions you can make for yourself and your family.
If you have a question or topic that you’d like to have considered for a future episode/blog post, you can request it by going to www.retirewithryan.com and clicking on ask a question.
As always, have a great day, a better week, and I look forward to talking with you on the next blog post, podcast, YouTube video, or wherever we have the pleasure of connecting!
Written by Ryan Morrissey
Founder & CEO of Morrissey Wealth Management
Host of the Retire with Ryan Podcast