Most adults are familiar with the purpose of a will and estate plan, but some people fail to recognize when the time is right to establish one. Many people dismiss the idea as something they only need to worry about after retirement, but that is not the case.
Here are a few reasons why everyone should have a will.
Allows you to appoint your beneficiaries
When you have a will on record, that document identifies the people you wish to receive your assets. This gives you the final say in your estate’s distribution. Without a will, the court makes those decisions for you.
Protects your children
Life is unpredictable and you have no way to be certain that you will be there for your children to adulthood. Make sure you plan for that risk by establishing a will and identifying a guardian for your children in case of your death. This ensures that your children remain safe and cared for even if something happens to you.
Prevents fighting in the family
When you establish a will, it takes the guesswork out of your estate management and even names someone who is responsible for handling that distribution. This prevents your family members from fighting over that role or your assets.
Recognizing that there are no guarantees in life is a key step toward appreciating the importance of a will. When you understand the ways that a will can help in the event of your death, it is easier to see why everyone should have one on file.