Making a Will – 10 Facts You’ll Definitely Want to Consider

According to one study, over 68% of Americans do not have a will. But that is changing. In 2021, young adults are 63% more likely to have a will than they were pre-pandemic.

Making a will is not the most exciting topic, and it forces you to face your mortality. But whether there’s a pandemic or not, it’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen.

What happens if you pass away without a will?

Having a will in place makes sure that you are in control of your assets and can distribute them as you see fit. So if you want to donate to a school or charity, you can – without the state getting in the way.

Some assets are distributed regardless of what your will say

It’s a good idea to check the beneficiary on your accounts every few years, especially during significant life changes such as getting married or divorced, having children, or buying a house. If you keep these up to date, you can ensure your money is going to the right place.

You can set up a will for free, but beware of the limitation

If your life and assets are more complex, it may be wise to enlist the help of an estate planning attorney in your area who is familiar with the local laws. They can also help you work through various scenarios you may not have thought of, such as how best to transfer title to a property or what to do if you’re in business with a partner.

Making a will is just one part of the estate planning process. There are often other legal documents you will want to have on hand and helpful instructions for your loved ones, especially if you are the one that mostly takes care of the finances.

There are other documents you should consider besides just a will to protect you and your family

Name guardians for your children

This can be a tough decision and probably requires a conversation with the would-be guardians. However, it is definitely in your best interest to have this written down and not left up to the state courts to decide.

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