August is Make a Will Month, a time dedicated to strategizing for the future. Having a will is important for several reasons. In general, having a will helps ensure your wishes are carried out after your passing and provides clarity and protection for your loved ones and assets.
For more specific reasons why it is important to have a will, check out the list below from our financial planners in Appleton.
Distribution of Assets
A will allows you to specify how you want your assets, such as property, money, investments, and personal belongings, to be distributed among your beneficiaries. Without a will, the distribution will likely be determined by the laws of your jurisdiction, which might not align with your intentions.
Guardianship of Minor Children
If you have minor children, a will allows you to designate a guardian who will take care of them in the event of your death. This ensures that your children will be cared for by someone you trust.
Minimize Family Disputes
A well-drafted will can help prevent potential conflicts among family members regarding how your assets should be divided. Clearly outlining your intentions can reduce the likelihood of disputes.
Ability to Name an Executor
In your will, you can appoint an executor to carry out your wishes as stated in the will. The executor is responsible for managing your estate, paying debts, and distributing assets according to your instructions.
If you have charitable intentions, a will allows you to make donations to organizations or causes you care about.
Reduce Legal Complexities
Having a valid will in place can simplify the legal process for your heirs and beneficiaries after your passing. It can expedite the probate process and make it more straightforward.
Avoid Intestacy Laws
Without a will, your estate will be subject to intestacy laws, which are predefined rules that determine how assets are distributed when there is no will. This might lead to your assets being distributed in a way that you wouldn't have chosen yourself.
A will can include specific instructions for your funeral arrangements, the care of pets, and other personal matters that are important to you.
Peace of Mind
Creating a will provides peace of mind, knowing that you have taken steps to ensure that your loved ones are taken care of and your wishes are respected after you're gone.
Make a Will Month allows us to reflect on our circumstances and take proactive steps to help our loved ones in the event of our passing. By creating a will, you are taking the first step toward providing clarity and guidance regarding the distribution of our assets, mitigating the burden on family members during an already challenging time.
It's important to note that laws regarding wills can vary by jurisdiction, so it's recommended to consult with legal professionals or estate planning experts in your area to ensure that your will is properly drafted and meets the requirements of your jurisdiction. If you have any additional questions, please do not hesitate to reach out to us!