Drafting a will is arguably one of the most important things a person can do. However, some studies suggest that over half of American adults have not done so.
There are numerous reasons why individuals may be hesitant about developing an estate plan. Outlined below are just two of the essential reasons to at least have a will.
Inheritance for your family
As the testator of your will, you can name beneficiaries. These are the people who inherit your assets upon your death. Often, people will name their children, other family members, and closest friends as their beneficiaries. However, it is ultimately your decision.
As long as your decision is voluntary, then the people of your choice can inherit your assets. If you are interested in philanthropy, then you also have the option to name the charities of your choice as beneficiaries.
A guardian for your children
If you have young children, then their security is likely to be your top priority. You’ll probably be around to look after them until they reach adulthood, but there is no harm in being prepared. A will allows you to name a legal guardian who will care for your children should something happen to you.
You can designate an alternate in case for any reason the person you name can’t do it. It’s crucial to make sure you discuss the matter with anyone you choose before you name them in your will.
Your will is just one part of your estate plan. There are many other instruments that you can use to your benefit and that of your family and others. Seeking some legal guidance will enlighten you before you make any final decisions.