With the year’s end quickly approaching, it’s time to ask: Do you have a Will? I was contacted earlier this year by 96.3fm K-TWIN to talk with their morning show hosts about why everyone needs a Will. Wills are part of what we call estate plans, which can include Wills, Funeral Directives, Healthcare Directives, Powers of Attorney, Trusts, and more. If you’re wondering why you need a Will or estate plan, here are two main reasons:
1) Having An Estate Plan Benefits You. Anyone can benefit from the satisfaction and peace of mind that comes from making decisions such as:
- * who will care for your minor children
- * how your children will be provided for financially
- * who will inherit your assets
- * who will oversee the collection, management, and distribution of your assets
- * stating your wishes regarding burial, cremation, and funeral arrangements, and
- * if you’re a business owner, what will happen with your ownership interests.
2) Not Having an Estate Plan Has Consequences. By not taking the time to make the decisions that a Will or estate plan includes, the burden of making those decisions transfers to those that will survive you. This can mean:
- * loved ones making stressful decisions during the emotionally difficult time after your death
- * creating disputes between family members or friends about who gets assets or who will perform various duties
- * requiring court involvement and expensive legal fees to resolve disputes that arise
- * dealing with unintended outcomes resulting from relying on generic statutes, and
- * if you’re a business owner, the difficulty and delay caused by determining who will inherit your ownership interest and how your role within the business will be filled.
These reasons make it clear that, even if you don’t want a Will for your own piece of mind, you should have one to save your loved ones the stress, anxiety, disputes, and money that not having a Will can lead to. When all of the consequences are considered, making a small investment of time and money to create an estate plan is an easy choice. Don’t let drafting a Will turn into another New Year’s resolution. Contact us today to talk about creating an estate plan that suits your needs.
If you’d like to listen to the radio interview, you can find it here or go to https://soundcloud.com/msteele-1-1/bryan-zlimen-8-8-13.