Life can change quickly. This is especially true when you start a family or buy a house. That's why understanding the importance of having a will is crucial for securing your family's future.

It might feel daunting, like something only for the wealthy. But, the truth is a will benefits everyone, no matter your age or assets. It doesn't matter if you're in good health or if your circumstances change, it's always a good idea to have a will in place.

Table of Contents:

• Why You Need a Will
  • A will lets you:
• Who Needs a Will?
• Types of Wills
• Steps to Create a Will
• FAQs about Wills
  • FAQ 1: What is the importance of the will?
  • FAQ 2: What are the advantages of having a will?
  • FAQ 3: What is the main purpose of a will?
  • FAQ 4: Why is a will as important as life insurance?
• Get Help From Proven Will & Trust Attorneys

Why You Need a Will

A will is a legal document that specifies how you want your assets divided upon your death. Without a will, state intestacy laws dictate the distribution, which may not align with your wishes. Sadly, as highlighted by Caring.com's 2021 Wills and Estate Planning Study, many people are unprepared; two out of three lack essential estate planning documents, putting immense strain on family members left behind.

Imagine this: you pass away unexpectedly, leaving behind a spouse and children. Your life insurance policy payout goes entirely to your spouse, but your house, cars, and savings are now tied up in the probate process. Because you didn't have a will, the courts step in, potentially creating stress and conflict during an already difficult time for your loved ones.

A will lets you:

• Name a guardian for minor children. The responsibility of raising your children shouldn't be left up in the air. You decide who will care for your kids, ensuring their well-being. This ensures someone you love and trust will take care of your kids if you were to pass away.
• Clearly define beneficiaries. Decide who inherits your assets - be it family members, friends, or even charitable donations. Having specific beneficiaries helps streamline the probate process. You can also exclude specific individuals from inheritance in case you have estranged relatives.
• Potentially Minimize estate taxes. This is especially important for larger estates, as thoughtful planning can reduce tax burdens. With effective estate planning, your assets will be distributed to your chosen heirs in a way that minimizes the potential tax burden, giving them more of your hard-earned wealth.
• Ensure your wishes are respected. Dying without a will means the court decides the distribution of your assets. These intestacy laws vary by state, and the results might not align with what you envision for your family. For instance, if you have a blended family with children from a previous marriage, things can get tricky. A clearly written will outlines your wishes for your estate and provides legal clarity, minimizing the chances of disputes among your heirs.
• Provide peace of mind. This benefit alone underscores the importance of having a will. Knowing that your affairs are in order brings comfort to both you and your family. You'll rest easier knowing your final wishes are recorded, easing the burden on your loved ones when the time comes.

While life insurance provides financial security, a will takes care of your whole legacy—your tangible possessions, final wishes, and who will receive your property. A will can also cover what happens to any family heirlooms and who should receive them.

Who Needs a Will?

Simple: You do. Everyone over 18 should consider creating a will, especially if you:

• Own property. If you die without a will, it can take a long time for the probate court to decide how to handle your real estate.
• Have minor children. Your will lets you name a guardian who should raise them if something were to happen to you and your spouse. Without this, a judge ultimately decides.
• Have substantial assets. This could include anything from investments and savings accounts to valuable art. Even seemingly small things add up – a clear plan safeguards them for your beneficiaries.
• Want to support specific charities or causes. With a will, a percentage of your assets can go towards organizations close to your heart.
• Wish to exclude specific individuals from inheritance. Unfortunately, estranged relatives happen. A will allows you to clarify such wishes and minimize the possibility of contests.

Types of Wills

A will isn't "one size fits all." Let's break down common types and their distinct advantages. Consider talking with a trusted friend or an experienced estate planning attorney to guide you to what suits your needs.

• Simple Wills: These are straightforward and ideal for individuals with less complicated assets. They're commonly created by people just starting, perhaps with a young family or minimal property ownership. This is also good for someone who is single and doesn't have many assets to their name.
• Testamentary Wills: This is the most prevalent type. They're written documents outlining exactly how you want your estate managed after you die. It's critical for asset distribution, naming guardians, and how your assets are distributed. You can state your wishes on your burial and if there are any ceremonies you would like to have.
• Joint Wills: As the name suggests, joint wills are prepared by two individuals, typically spouses. They specify that if one party dies, their assets are transferred to the surviving spouse. However, once that happens, the survivor can update or adjust their will to reflect changes in life circumstances, such as marriage or new beneficiaries. It's crucial to remember that if one party in a joint will passes away, the surviving member cannot alter the existing will. This is common for married couples who want to leave their assets to each other.
• Living Wills: These differ from standard wills. They deal specifically with end-of-life decisions concerning medical treatment if you're incapacitated. Think of them as instructions for your medical care when you can't advocate for yourself. It details what kind of life-prolonging procedures, if any, you wish for in such situations. Your living will should be kept in a safe place where your family or loved ones can easily find it. You can tell your family where it is, or you can keep it with your other important documents such as your insurance policies.
• Pour-Over Wills: These are designed to move any assets not titled in the name of a pre-existing living trust. These wills “pour” your remaining property into that trust. This mechanism streamlines estate administration, as assets within the trust bypass probate court and directly transfer to beneficiaries as you have outlined. Pour-over wills usually accompany living trusts and are quite useful for anyone who holds property in several states or anticipates receiving a significant inheritance or future assets.

Selecting the right type can be a little confusing. Don't hesitate to seek guidance from our estate planning attorneys or consult online resources for further clarification on what aligns best with your situation.

Steps to Create a Will

You can start planning today for the future. While you can draft a will yourself, consulting with an estate planning attorney is highly recommended. Our legal professionals can address your individual circumstances. 

Keep your will in a safe and accessible location. Inform your executor of its whereabouts to avoid future complications. After creating your will, review it periodically or when major life events occur. Changes to marital status, birth of children, acquisition of assets, or changes in estate tax regulations necessitate revisiting your will's provisions.

FAQs about Wills

FAQ 1: What is the importance of the will?

A will lets you control what happens to your assets and who receives them when you pass. It protects your loved ones by making things smoother after you're gone and helps your loved ones navigate the probate process.

FAQ 2: What are the advantages of having a will?

The main benefits are peace of mind and simplifying things for those you care about. By stating your wishes clearly, you potentially reduce the chances of disagreements among family.

FAQ 3: What is the main purpose of a will?

To ensure the right assets go to the right people. You get to choose who benefits from your estate and appoint someone to handle everything responsibly. This also ensures your children receive the property you want them to.

FAQ 4: Why is a will as important as life insurance?

Life insurance gives money, but a will handles all kinds of stuff. Think about who raises your kids if they're young. Plus, you get to express final wishes, like what kind of send-off you'd want.

Get Help From Proven Will & Trust Attorneys

Ultimately, the importance of having a will boils down to this: it provides you with agency. Life throws curveballs – good and bad – and being prepared allows you to face those unknowns with a bit more clarity and confidence.

Knowing your affairs are settled lets you savor the present while offering lasting security for your future.

If you or your loved one are thinking about creating a will, give us a call or fill out our form. Our experienced estate planning attorneys can walk you through the process and help ensure your will is done right.