When it comes to planning for the future, creating a will is an important step that many people tend to delay or neglect. However, failing to make a will may lead to a host of problems and uncertainties for your loved ones.
On the flip side, drafting a will leads to notable benefits for you and those you love. When you take the time to create a will, you help ensure that your wishes for the future come to fruition and that your legacy undergoes preservation.
Asset distribution
A will lets you specify what happens to your assets after your passing. Without a will, your estate may be subject to the laws of your state, which could result in a distribution that does not align with your wishes. This could leave your family members in disputes and distress.
Guardianship for minors
If you have young children, making a will allows you to designate a guardian who will take care of them if both parents pass away. Without a will, the court may have to decide who takes on this responsibility. By creating a will, you can ensure that your children wind up in the care of someone you trust.
Family unity
Lack of clarity regarding your wishes can lead to disagreements among your heirs. A well-drafted will helps prevent unnecessary disputes and strained relationships among family members.
Peace of mind
Creating a will also provides you with peace of mind because you know you have taken steps to provide for your loved ones and protect your assets. Having a will in place is a responsible way to plan for the future and secure the well-being of your family.
USA Today reports that the number of older Americans with wills decreased by 2% between 2020 and 2023. However, not having one raises the risk of confusion, legal challenges or family conflicts arising.