There are 70 percent of Americans without wills according to The Balance. That’s a huge chunk of the population who haven’t made directions for what happens to their assets (and debts) when they pass away, leaving friends and family members to deal with it themselves. The problem is, most people don’t think they need a will.
Most people assume that wills are for those with money that needs to be taken care of after they die. Or people who want to avoid the government getting extra money or want to short one of their “silver spoon” kids a little cash from their inheritance. But it’s not just the rich, wealthy and famous that need a will. You do too.
Why do I need a will?
Still not convinced that you need a will? Most people aren’t but there are some very serious reasons that you should consider adding a will to your portfolio this next year, here are some of them:
Wills let you choose what happen to your minor children. That’s right, if you have kids having a will is NOT an option, it’s a must. Without a will, the courts will decide on your behalf.
Wills reduce your estate tax. If you don’t have a will when you pass away, then more money will be put towards government fees instead of going to where you want it to—but where you want it to go doesn’t matter if you don’t have a will.
Wills allow you to make gifts and donations. Do you have a favorite charity that you’d like to see get a little something when you’re gone? Then it’s time to make a will and write it in there, without it they won’t get anything.
Wills allow you to decide who takes care of your affairs after you pass away. If you have no named executor because you have no will, then there are no guarantees about who will take care of the administration of your estate.
There are a ton of genuinely good reasons to get a will. This is especially the case if you have minor children, own important assets (we’re not talking a Monet or DaVinci, but simply important to you) and if you’re the owner of a company.
Ok, I’m Convinced, What Do I Do?
If I’ve been so convincing that you’ve decided that you need a will, and you need it now, then contact a lawyer in your state who knows the law and can lend you a hand. Yes, you can do your own will, but with something so important, why risk it?
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