Death isn’t something most of us like to think about, but it’s going to happen. It’s very important to think about what you will leave behind when you go.
Are you’re family taken care of? Are your assets protected? All these questions and more are important and it’s never too early to start thinking about it. If you’re thinking “do I need a will?”, then you’re at the first step of the process.
If you’re wondering whether you need a will, keep reading to find out why you should.
1. If You’re Married
If you’re married, you should have a will to protect and help care for your spouse. In the case of your death before theirs, you should put into writing what you want them to receive.
If you don’t have a will, your spouse would be likely to inherit your assets when you die. But there’s a chance they might not, so don’t leave it all to chance. Also, if there’s someone else you want to inherit your assets, you need to include them in the will.
You’ll need a will attorney to help you draft and finalize your will, but once it’s done, you’ll have peace of mind.
2. You Have Children
If you also have children, you will need to make a will. Your children are likely to inherit your assets after your spouse, but this isn’t a guarantee.
If you want your children to inherit after, or before, your spouse, you need to put into a will. Things could get messy in court if this isn’t done, so make sure you do it before you die. If you have a child you don’t want to inherit anything, you need to put this in writing too.
A will is also important if your kids die before they become adults. You can name an executor of your estate as well as a guardian for your kids, who will be responsible for raising them.
3. You Have Elderly Parents
If you have elderly parents and you die before them, your will can help protect them. A will can help prevent them from losing their benefits from the government.
If you don’t include them and they get your life insurance payout, they could lose their benefits. A will will stop this from happening.
You can direct your assets to your parents in installments instead of a lump sum to help them in the long term. It will help to pay for any nursing home or care costs as well as general living expenses.
4. You Have Pets
If you have pets that will get left behind after you die, you will need to make a will. A will can help ensure they don’t end up in a shelter when you die.
In your will, you can choose someone to care for your pet after you pass. You can also set up a pet trust that will provide financial care for your pet once you go.
This will help to cover vet bills and standard maintenance costs of the animal.
Do I Need a Will? The Answer Is Yes
If you’ve been thinking to yourself “do I need a will?” and these points apply to you, the answer is yes. If these four points are things that you have in life, you need to make sure to write up a will as soon as possible.Want to learn more about trusts? Check out our blog post for the pros and cons of trusts.