Creating a will is up there with getting a root canal in terms enjoyment levels. Nobody wants to do it, but it’s one of the best things you can ever do for yourself and your loved ones. While you can’t always predict what will happen in life, you can be prepared.
If you are 1 of the 60% of Americans who don’t have a will, here are 5 of the top reasons to take the time and get it done:
1. To protect your children.
If you pass away without a Last Will and Testament, the State will decide who should care for your children. You can choose a guardian that will best be suited to care for your family instead of leaving it in the hands of the State.
2. To preserve your business.
If you run a small business, a Will gives you the opportunity to ensure it lives on long after your passing. It will help keep power struggles to a minimum. 70% of family-owned business don’t last past the first generation due to lack of estate planning.
3. To assign your assets.
Chances are you have collected and amassed valuable assets over time. Whether it’s a special piece of jewelry, a savings account, or a family home, a Will lets you decide who it belongs to after you are gone. This is a way to make sure your loved ones gets
4. To give back to charity.
Many people who don’t have children assume that they don’t need a Will. The truth is that your assets and what you leave behind will be handled by the State if you don’t delegate it to someone specifically. Including your favorite charity is a great way to ensure that your life assets are used for a good cause.
5. To ease the pain.
Creating a Will is one of the most selfless things that you can do. The last thing that any of your family and friends want to deal with is wrangling with lawyers and others about what goes where and why. Losing someone is difficult, but having a Will in place helps to ease the pain.
It may not be a fun topic to explore, but creating a Will is an absolute must in terms of securing what you have worked so hard to earn. Many people plan to turn over their assets to their children, but without a Will in place, there is no telling where your life’s work and passions may end up.
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