While it may seem somber to ponder about our eventual passing, it is crucial to make a will to secure the future of our loved ones and our assets. You might have been contemplating crafting a will but continue to delay the task. However, everyone with valuables or dependents should have a will in place. This legal document ensures the wellbeing of your family and the creation of generational wealth. Rest assured, creating a will doesn’t have to be time-consuming or complex. In this article, we will walk you through the reasons why you require a will and how to create one with relative ease.
WHAT IS A WILL?
A will is a legal instrument that guides the distribution of your estate including the welfare of your children, asset allocation, and much more after your demise. The absence of a will often leaves it to a judge to decide what becomes of your estate – a decision that might not align with your interests or those of your family. It makes more sense to draft a will early in life.
A properly established will can clarify who should look after your children, who inherits select assets, which charities receive donations and how much, and how to divide up your bank balances.
WHAT’S THE DIFFERENCE BETWEEN A WILL AND LIFE INSURANCE?
While a will determines the distribution of your existing assets, life insurance supplies a lump-sum payment or death benefit to your chosen beneficiary or beneficiaries. The two are discrete elements and do not influence each other.
Neither your life insurance beneficiary nor your will can be superseded. The death benefit from your life insurance policy is disbursed to your designated beneficiary upon your death, while your will can outline the disposition of your bank accounts, real estate, investments, and more.
To revise their details, note that you must separately change your life insurance beneficiaries and your will.
DO YOU NEED A LAWYER TO CREATE A WILL?
Making a will doesn’t necessarily involve a solicitor. Countless online resources are available to guide you. The key requirement is ensuring your will is legally recognized. It should include your full legal name, remark that it’s your ‘last will and testament’, declare that it’s written voluntarily without duress, duly signed in front of witnesses. Each state has different laws regarding witnessing, so make sure you conform to your state’s rules.
HOW TO CREATE A WILL ONLINE WITH EASE
Several online resources like FreeWill and Trust & Will simplify drafting a will by dissecting it into digestible steps, thereby helping you specify your assets, determine your charitable contributions, and more.
WHAT SHOULD YOUR WILL INCLUDE?
Key features of a well-drafted will consist of a custodian for your minor children (and potential caretakers for your pets), a detailed inventory of assets, a residuary beneficiary to inherit the remaining assets, and an executor to administer your wishes.
IN CONCLUSION: CREATE A WILL SOONER RATHER THAN LATER
A will serves to prevent conflict and confusion in courts, assures early distribution of assets, safeguards dependents, and contributes to legacy building, all of which are reasons to not procrastinate on making a will. With the ease of online platforms, you can rapidly draft and notarize a will. Remember, you can always modify your will in the future, but having a will in place now will protect your assets and secure your family’s future.
