Why you should write a will

Everyone, regardless of age, needs a Will.

Why?

If you have children, it is imperative that you have a Will drawn up. You will want to designate a guardian of your choice for them, won’t you? Without a Will, the courts will decide where they go. It may not be with your mother, or sister, as you had planned. They may end up in foster homes until they are 18 years of age, and no where near blood relatives. Furthermore, they may not receive the benefits of the hard earned money you left behind.

At the time of your death, if there is no Will explaining where the money is to go, the courts will decide. At best, your children, or spouse, may receive half of your estate. Half. The other half may be distributed between your parents or siblings, or retained by the court system.

Every year the United States Government is awarded billions of dollars because of individuals–just like you--who did not have a Will on file at the time of their death. Despite the face that they did have money in their accounts, and estates and businesses in their names, without a Will to designate have to divide those assets, they ended up the property of the government.

Let’s face it, everyone procrastinates over this one. How many of us feel we have enough assets to warrant owning a Will? Unfortunately, that number is high. But, in reality, everyone should have a Will. Whatever you own, belongs solely to you. You should decide what happens to it after you die, shouldn’t you? Shouldn’t it be handed over to your loved ones?

Another reason many people don’t have Wills made out is because they feel they are too young to die. Again, that is just not sensible. Anyone, at any age, can be involved in a fatal car accident, plane crash, shooting incident, die from a sudden disease, or die from a 100 other causes. It happens all the time.

If you are married and have no children, you probably expect that in the event of your death all of your assets would automatically be handed over to your spouse. It makes sense, but it doesn’t always work that way. If you have substantial assets, other family members may want a piece of the action. Without a Will, the courts will probably award your spouse one half, the other half probably will be handed over to your parents. If your parents are deceased, the money may be divided among surviving siblings or distant relatives, or, the money may remain within the legal system.

If you own a business worth a great deal of money, and do not have a Will at the time of your death, your family may not see any of the benefits due them. If you and your spouse both die in a car accident and there’s no Will, can you rest assured that your children will be taken care of? Will the business assets be liquidated? Will the bank accounts be given to your children if they are minors?

If you have a Will, there will be no questions, no worries. You and your family will already have the answers.

A Will is also important for single individuals who live with another adult as man and wife, but have never legally tied the knot. If there is no Will, and one person dies, the survivor will receive nothing. If you are married but do not have a Will at the time of your death, your significant other will be lucky to receive half.