Once you reach a certain age, it’s common to see your friends and family members around you start to plan for the future. Helping them prepare for when they can no longer take care of themselves.
Perhaps you don’t feel that old just yet, but it’s never too early to start thinking about your end-of-life plans. Making sure that your final wishes will see the light of day. And make them legally binding is essential to avoid any potential problems for those who are still alive.
The article below discusses some of the reasons why all senior citizens need a will and what exactly it entails.
You Have No Control Over Who Will Inherit Your Assets
At the end of the day, your loved ones are most important to you. So you must have some say in who inherits your assets. Without a will in place, state law will dictate who your assets will go to. And this may not be the person you have in mind.
This can lead to many problems that is avoidable if you had simply gone ahead and drafted up a will while you were still healthy and able. You may be concerned about your taxes increasing if you leave your assets to loved ones. But there are a lot of ways to minimize this tax hit.
For example, you can leave a certain portion of your assets to your immediate family members and then leave the rest to a charity in your name.
You Own Many Different Types Of Assets
Many different types of assets may be part of your estate. So it’s important to keep track of them all and make sure that they’re all properly accounted for in your will.
Examples include real estate, stocks, bonds, savings accounts, retirement accounts, and any other financial investments that you’re currently holding.
Real estate and other properties can be transferred to your loved ones using a simple change of ownership on the deed. Retirement accounts must be handled more carefully, however. For example, if you have a 401(k) account, the proceeds must be distributed according to IRS rules.
It Makes You Think About Your Assets
It’s not uncommon for people to put off drafting a will because they’re not quite sure what they want to do with their assets once they’re no longer living. Understandably, this can be a difficult conversation to have. But it’s necessary if you want to make sure that your family and friends are living the good life of after your passing.
For example, you may want to leave a portion of your assets to loved ones to help them with their living expenses. However, you may also want to leave a portion of your assets to a charity that is near and dear to your heart.
You Can Name Guardians For Your Minor Children
If you have minor children under the age of 18, you may want to include a guardianship clause in your will. Doing so allows you to choose who will take care of your children if something were to happen to you.
While you can’t name the person you want to raise your children, you can name a guardian who will be in charge of their financial and legal affairs. This is essential if you don’t have a close family member who is willing and able to take on this responsibility.
A Final Message to Those You Leave Behind
While you may have already conveyed your wishes to your loved ones while drafting up your will. It’s a good idea to leave a final message at the end of the document for your loved ones to read after your death.
This can help to further clarify the exact wishes you had in mind when you were drafting your will. It may help to avoid any confusion that may arise from the wording found in the will itself. This message can also serve as a sort of parting gift to your loved ones. Reminding them how much you love them and how much they mean to you.
Furthermore, it can serve as a message from beyond the grave. Helping you to continue to impact the lives of those around you even after your passing.
A Conclusion: Is a Will Worth the Time and Effort?
In the end, the only way to ensure that your final wishes are exactly as you had intended is to create a legally binding will.
While it may be an intimidating process, it’s worth the time and effort to protect your loved ones. And it also gives them the peace of mind that they will continue living after your death.
