The exception to this love of planning is our shared inevitable fate. A recent article from Main Line Today, “Why You Should Make a Will Now, According to Main Line Area Experts,” discusses why you shouldn’t put off creating a will.
Creating a will requires thinking about emotional decisions, like who should be named a guardian for your children and what you want to happen to your property upon your death. Deciding to start estate planning means you’re coming to terms with your own mortality, which most of us find uncomfortable to consider.
Others are concerned with the cost of having a will prepared. However, the cost of not having a will is going to be far more expensive to loved ones if you don’t do it yourself. And if you don’t have a will, the state’s laws will determine how your estate should be distributed. Your loved ones won’t have any say in what happens.
How young is too young to have a will? In the best possible world, you have a will once you’re a young adult before you marry and start a family. If you have children and don’t have a will, start immediately. Without a will, a court will decide who will raise your children, where they will live and how often family members will get to visit them. Your will is used to name a guardian, and your estate plan may include a trust to support your children after you have passed.
Do you need a will if you’re not wealthy? Yes, because the size of your estate—the total of all your assets, including your home, investment accounts, retirement accounts and any property you own—has nothing to do with whether or not you need a will. A will is your opportunity to state your own wishes about what you want to happen to your possessions after you die.
Creating an estate plan, including a will, is made easier with the help of an experienced estate planning attorney. They will help clarify your wishes for your assets, create documents for incapacity (Power of Attorney, Healthcare Proxy, Living Will), create trusts if appropriate for your estate and give you the peace of mind of knowing your children and loved ones will be cared for after you have passed.
Without estate planning, your state’s laws and the court will make all the decisions. Your family won’t have any say, even if you’ve told them what you want for years. Make an appointment with an estate planning attorney and get your will and estate plan started.
Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Family Wealth Planning Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.
Reference: Main Line Today (Aug. 20, 2024) “Why You Should Make a Will Now, According to Main Line Area Experts”