No Matter Your Age or Wealth, Every Adult Needs a Will

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Legacies Editor: Kelly Johannessen kellyj@umf.org

According to a Gallup poll released last year, only 46 percent of all American adults have a will that details how their money and estate is to be handled after their death. One of the reasons many people state is that they are not wealthy enough to need one, or not old enough. If the pandemic taught us anything, it’s that life can change on a dime. It’s never too early to make an estate plan and outline your final wishes in a will. Here are several reasons why you should have a valid will, regardless of your age or wealth:

1. Not having a will leads to undesirable outcomes. Without a will, you are depending on the state you live in to determine who inherits your assets after you’re gone. Having clear cut instructions allows you to provide for loved ones other than family, or ministries and causes that you supported during your lifetime.

2. Wills allow parents to name a guardian for children. Name a guardian to care for your children after your death instead of having a judge tasked with deciding where your children will go if you die.

3. Tax ramifications. Creating a will, rather than leaving your estate to be sorted out by the courts, can help minimize a tax burden for your heirs and maximize efficiency.

4. A will provides loved ones with peace of mind. Wills are not just for your benefit. Your family and loved ones are the ones who will ultimately be most affected by whether or not you took the time to create this important document.

5. Care and maintenance of pets. State laws do not have the same affection for your pets as you do. A will allows you to leave your pet and money for its care to someone you designate as a caregiver for your pet if it survives you.

6. You can’t put it off forever. Yes, we all hope for long and healthy lives, but we should still prepare for the unpredictable.

Our Free Wills Guide: Use our FREE Wills Guide to get started with your will and estate plan. This valuable tool can help you think through and gather the necessary information for your attorney to draft an estate plan.