Why Do I Need a Will, Like Yesterday?

A recent Gallup poll found that fewer than half of Americans (46%) have a last will that states how their assets are to be handled after their death.

Surprisingly, the results of this survey have been nearly unchanged since 1990.

Real Simple’s recent article “6 Reasons You Need to Make a Will Now” says that one of the most common myths is that a last will isn’t needed if you want all of your assets to go to your family.

1. While the state has laws on what happens if you die without a last will, what if that’s not exactly how you want your estate to be distributed?
2. Another major reason for creating a last will is to make certain that someone is named to care for your minor children and the assets you leave them.
3. A last will lets you designate guardians to care for your children after your death. Without a guardian in a last will, a judge will decide who raises your children if you pass away. That judge likely would be someone who does not know you or your children or your family and friends. Without a last will, you will be allowing this “stranger” to make this life-changing decision for your children.
4. Also, there are taxes. If you have a last will in place, it will minimize estate taxes your family may have to deal with. A comprehensive estate plan created with the help of an experienced estate planning attorney can reduce tax exposure by as much as 40%. This move alone can help avoid having to pay taxes on your income a second time.
5. A last will isn’t just for your benefit. Your family will ultimately be most impacted by whether you took the time to have this important document. A will allows you to leave assets to your beneficiaries in a protective fashion to safeguard their inheritances from divorce, creditor claims, and other claims that may exist or arise againt the beneficiaries.
6. Care and maintenance of pets. The law allows you to leave assets in trust for the benefit of  a pet who survives you.  A last will also lets you leave your pet to a chosen loved one or friend. This simple step alone can help prevent your pet from going to a shelter.

Have questions about your putting a will in place? Request A Meeting With Kurre Schneps LLP by clicking HERE.

Reference: Real Simple (June 25, 2021) “6 Reasons You Need to Make a Will Now”