Tips For Creating Your Will Today

The Importance of Having a Will: A Responsible Approach to Life Planning

Having a will is one of the most fundamental aspects of responsible life planning. It is a crucial legal document that ensures your wishes are respected after you pass away. A will outlines how your assets will be distributed, designates guardianship for any dependents, and clarifies other important decisions regarding your estate. Beyond its legal significance, creating a will is an act of care for your loved ones, sparing them from confusion and potential conflict during an already emotional time.

Common Obstacles to Creating a Will

Many people recognize the importance of having a will, but several common obstacles can prevent them from taking action.

1. Procrastination

Procrastination is perhaps the most prevalent reason people delay creating a will. There’s often a sense that there is plenty of time to deal with estate planning later in life, but this mindset can be risky. The future is unpredictable, and putting off the process leaves your assets and dependents vulnerable to decisions made by state laws rather than your own wishes. A 2021 survey by Caring.com found that only 33% of Americans have a will, despite 60% acknowledging its importance. This gap highlights how widespread procrastination can be.

2. Emotional Barriers

Contemplating one’s mortality can be uncomfortable, leading many to avoid discussions about their end-of-life wishes. The emotional aspects of facing death make it difficult for people to confront these necessary decisions. However, overcoming this discomfort is vital for ensuring that your loved ones are cared for according to your intentions.

3. Perceived Complexity

The legal process of creating a will can seem daunting to those unfamiliar with it. Many people believe that drafting a will requires extensive legal knowledge or fear that it will be an intricate, time-consuming task. While estate planning does involve important legal considerations, it can be a straightforward process with the right guidance.

4. Misconceptions About Wealth

There’s a common misconception that wills are only necessary for the wealthy. Many people with moderate assets believe that their estate doesn’t warrant the effort of creating a will. In reality, everyone, regardless of their financial situation, benefits from having a will. Whether your assets are few or vast, you should be the one deciding how they’re distributed.

Why Creating a Will Is Essential for Everyone

Creating a will isn’t just for those with substantial wealth—it’s crucial for anyone with assets, dependents, or specific wishes regarding their estate. Without a will, state intestacy laws will determine how your assets are divided, which may not align with your desires. For example, if you have stepchildren, long-term partners, or wish to leave certain assets to friends or charities, these wishes may not be honored unless they are explicitly stated in your will.

In addition to asset distribution, a will allows you to name a guardian for any minor children or dependents. Without this designation, the court will decide who takes on this role, which may not reflect your preferences. By creating a will, you maintain control over critical decisions and offer your loved ones the guidance they’ll need when you’re no longer able to provide it.

Steps to Simplifying the Will Creation Process

Despite the common obstacles, creating a will can be a straightforward process. Here are several tips to help you get started:

1. Determine Your Assets

Begin by making a comprehensive list of your assets. This includes property, bank accounts, retirement savings, investments, and personal belongings. It’s also important to know where these assets are located and how they can be accessed. Having a clear understanding of your estate will help you decide how to distribute your assets after your passing.

2. Choose an Executor

An executor is the person responsible for carrying out the instructions in your will. This individual should be someone you trust to handle your estate according to your wishes. Executors typically manage tasks such as settling debts, distributing assets, and overseeing any legal processes. Family members, close friends, or even a trusted professional, such as an attorney or accountant, can serve as executors.

3. Choose Beneficiaries

Your beneficiaries are the people or organizations you wish to leave your assets to. Common beneficiaries include family members, close friends, and charities. Consider which individuals or causes you want to support after your passing, and clearly outline their share of your estate in your will.

4. Write Your Will

There are multiple ways to write a will:

• Using a will template: If your estate is relatively simple, you may choose to use a will template. These templates can often be found online and provide a basic structure for outlining your wishes.
• Hiring an attorney: For more complex estates or if you want the assurance of professional guidance, hiring an attorney is the best option. An attorney will ensure your will is properly drafted and legally sound.

When writing your will, make sure it includes the following:

• Your name and address
• A statement appointing an executor
• A list of your assets and how you want them distributed
• Any specific gifts (e.g., family heirlooms or personal mementos)
• Funeral or burial instructions, if any

5. Sign Your Will

Once your will is written, it must be signed with two witnesses present. The witnesses should not be beneficiaries in your will, as this could create a conflict of interest. Once signed, the witnesses should also sign the will, affirming its validity.

6. Review and Update Your Will Regularly

Life circumstances change, and your will should reflect these changes. Significant events such as marriage, divorce, having children, or acquiring new assets should prompt an update to your will. Regularly reviewing your will—at least every few years—ensures that it continues to reflect your current wishes.

Why You Shouldn’t Wait to Start Your Will

Creating a will is not something that should be put off indefinitely. According to a 2021 survey by Gallup, 74% of Americans under 35 do not have a will, often due to the belief that they have plenty of time. However, starting your will early in life provides peace of mind and ensures that your wishes are honored, no matter when the unexpected happens.

A will is more than just a legal document; it’s a way to safeguard your loved ones and ensure that your legacy lives on. Take the time today to begin the process of creating your will. It’s a responsible and caring act for both yourself and those you leave behind.

References:

1. Caring.com. (2021). 2021 Wills and Estate Planning Study.
2. Gallup. (2021). Americans' Views on Estate Planning and Wills.