Estate planning is something that does not always get the attention it deserves. It is easy to take for granted our safety, which is why many of us do not develop a thorough estate plan. If you do not have an estate plan, do you need one?
Despite the benefits of a will, almost 60% of Americans do not have one. Part of what keeps so many people from making a will is a lack of knowledge about what a will can do. Take a look into what a will can do for you.
Parents of young children may worry about what should happen to their children if they both pass away unexpectedly. Without any instruction from the parents, the government will have to make its own decision as to who looks after your children. You can appoint a guardian of your own choice to ensure someone you trust is looking after your children.
If you should pass on without a will, the government will likely handle the probate process and often distributes your assets to your immediate next of kin. These decisions may result in your possessions or funds going to someone you do not want receiving them. You can specify how you want your estate to distribute and keep your loved ones from arguing about who gets what.
Health care directives
If a significant injury or illness keeps you from acting on your own behalf, your loved ones will have to guess about what medical decisions you would make. Be creating a health care directive; you can specify your exact wishes. You can confirm if you want to be an organ donor, how long you want to stay on life support, or any other medical decisions. You can also appoint someone to uphold these wishes on your behalf.
Protect your future with a will
A will can protect your children, dictate your inheritance, and uphold your wishes. There is no telling what tomorrow may bring, making now the best time to create a will. If you have not updated your will in a few years, take a moment to get things up to date today.