Why You Should have a Will or Testament - Insurance Swami

A legal will (or testament) is one of the simplest, least expensive legal documents you can have, but if you?re like about 3/4 of US citizens, you don?t have one. Most people don?t want to think about leaving the world. They may think that the process of dealing with their estate will be simple. They may even believe that a will costs too much to bother with. The truth is, however, that making a will can save your friends and family an enormous amount of money and trouble in their time of grief.

In addition to a life insurance policy, anyone with an estate, family or friends should craft a will; it is one of the cornerstones of estate planning.

In addition to life insurance, a will is a cornerstone to estate planning, regardless of the size of your estate.

Protecting Your Children

You may think of your will as the document you use to determine who gets your belongings after you die. Wills do serve this function, but they also do a lot more. If you have any dependents, especially children under the age of 18, your will determines who will be their guardian in the event of your death. If you don?t specify this, the decision will be left up to the courts and your remaining family members, who may not choose the way you would prefer.

Your will also allows you to appoint an adult to administer any property your children own or that you wish to leave them. Since children under the age of 18 are not legally allowed to enter contracts, they need an adult to care for any trusts, homes or other assets you would like to leave them. Without your decision, they could end up having to work with a stranger to manage their inheritance.

A will also assists your extended family members. Instead of leaving the burden with them to decide who should take care of your children, or passing that responsibility off to a court, your will helps to provide them clarity. ?This is what we want to happen in the event of our death.? Your family members will certainly respect your wishes, but they need to know what your wishes are. Otherwise, you leave them with ambiguity, operating in an environment where each of them may infer your intentions differently. The last thing you want to do is sow discourse in your extended family, the very individuals you are relying on to collectively comfort your children (and each other).

Estate Administration

The word ?estate? often conjures images of mansions and huge properties left behind by the very rich. You don?t have to be extremely wealthy to want to make sure the property you have worked to earn is taken care of properly, however. We all have items that we are emotionally attached to, even if they don?t have considerable financial value. In your will, you can specify someone you trust. This person will manage and distribute any property you designate according to your wishes.

Should you choose not to select someone for this position, a court will do it, instead. This person will very likely be a stranger who is paid to administrate your estate and who doesn?t understand the finer nuances of your family and personal interactions. A will is your opportunity to resolve these issues as you see fit and to minimize the erroneous assumptions of strangers.

Specific Items

In many states, you can create a list of special items that are to go to specific people when you die. You can update this list at any time without formally amending the will, paying any fees, or needing any legal consultations. If you have a special book, collection or other possessions that should go to the person who will treasure them most, this feature allows you to legally specify who will receive them.

Living Wills

A will does not have to function only after you die. If you wish to include a living will, you will be able to dictate how you and your estate are cared for in the event of an incapacitating illness or accident. This document can include instructions to a healthcare provider that tell him or her when you do not wish to be revived. It also allows you to name people who have the authority to make health care decisions for you in case you aren?t able to make them on your own.

A will can also allow you to designate a particular person to handle your possessions and other affairs if you lose the ability to deal with them on your own. Called durable power of attorney, this is a very important choice that can affect your estate in the event of a tragedy that does not cause your death.

Your will helps you take care of yourself, the people you care most about and your belongings in the event of any tragic event. Many people operate without one, but this is a mistake. If you want to protect your estate and family after your death or illness, you need to create this simple, inexpensive legal document.

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Source: http://www.insuranceswami.com/2012/why-you-should-have-a-will-or-testament/

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