Denis Doulgeropoulos
Your Financial Professional & Insurance Agent
If You Don’t Have a Will, You Probably Should
A 2021 Gallup poll found that only 46% of U.S. adults have a will — similar to the results of other Gallup polls over the last 30 years. It’s not surprising that older people are more likely to have a will, as are people with higher incomes.1
Why Making a Will Matters
If you want to pass your assets to your heirs with clarity and confidence, creating a will is an essential step. Furthermore, a well-prepared will helps reduce confusion, prevent disputes, and ensure your wishes are carried out as intended.
Distribute Property
You can use a will to distribute your property to anyone you choose, including a surviving spouse, children, other relatives, friends, a trust, or a charity. Moreover, a will allows you to outline specific bequests, such as heirlooms, jewelry, furniture, or cash. You may also include general bequests, such as a percentage of your estate, or a residuary bequest that applies after other transfers are completed. Consequently, naming backup or secondary beneficiaries is usually a smart planning decision.
However, certain restrictions apply when distributing property through a will. For example, your provisions generally cannot override a spouse’s legal rights to your property. Additionally, assets with designated beneficiaries, such as life insurance policies, pension plans, and IRAs, pass directly to those beneficiaries and do not flow through your will.
Name an Executor for Your Estate
A will also allows you to appoint an executor who will act as your legal representative after your death. Therefore, choosing someone trustworthy and capable is critical. The executor is responsible for locating your will, gathering assets, paying valid debts, settling any estate taxes owed, and distributing the remaining property to beneficiaries.
Percentage of Americans Who Have a Will, by Age Group
Appoint a Guardian for Children
A will is the only legal way to name a guardian for your minor children if you pass away. Therefore, this step plays a critical role in protecting their future. A personal guardian oversees the children’s daily care and overall well-being, while a property guardian manages their financial assets. Moreover, you may choose the same individual for both roles or appoint separate people, depending on your preferences.
Furthermore, if your children are grown and have children of their own, you may want to stress the importance of having a will in place to protect your grandchildren. Clear instructions can help avoid uncertainty and family disputes during an already difficult time.
Work with the Right Legal Support
Although various software programs allow you to create a will, consulting an attorney who understands your state’s laws is usually the best approach. Consequently, professional guidance helps ensure your will is legally valid and properly structured.
If you decide to use software, confirm that it is updated to reflect your state’s current laws. Additionally, make sure your heirs and executor have a copy of your will or clearly know where to find it. Taking these steps helps ensure your wishes are carried out without unnecessary delays or complications.