Recent world events have inspired more people to create a will. About 32% of Americans aged 18 to 34 created a will solely because of Covid-19. However, this still leaves the majority of people without a will. It doesn’t matter how young you are; you need to have an estate plan containing both a will and a living will.
Having a will to communicate your wishes will afford you these five benefits.
1. You Control Your Assets
Without a will, the probate court decides how your property and assets get distributed. A will is a legally binding contract that enforces how your property gets handled and distributed. This lets you control the “who, what, when, and how” of your estate.
If there’s a cause that are you are passionate about, you can include it in your will. This gives you the opportunity to do some good and leave a legacy. Without a will, you will have to depend on those who inherit through probate to donate what they receive.
2. Avoid Probate
There are more drawbacks to probate than just the lack of control. The legal system is a slow and lengthy one. Having a will can greatly improve the speed at which your estate goes through the legal distribution process. You’ve outlined your wishes, tied up loose ends, and made the work of the probate court much easier. In this capacity, the probate court serves more as an administrator of your estate.
Without a will, the probate court will have to start the entire process from the beginning. It will then have to determine the intricacies of distributing your estate. This can take much longer and result in unnecessary delays.
3. Care For Your Loved Ones
If you have children, you’ll want to ensure their future and care. While no one wants to think about the worst, having a plan in place ensures they are safe and cared for should the worst happen. A will gives you the ability to name a guardian who cares for the children’s daily needs. Without this, the court will appoint someone for you, and that person may not be who you’d want.
You can make a similar stipulation for your pets. All too often, beloved pets end up in shelters because people have no made arrangements for their care. Provide in your will who will care for your four-legged friend. You can even arrange for financial assistance through the form of a trust.
4. Reduce Disputes
A well-crafted will that gives clear instructions can aid in reducing the occurrence of disputes. This is crucial if you have complicated family dynamics. Emotions are strong following the passing of a loved one, and disputes or friction over the distribution of your assets is an avoidable situation.
5. Speak to Your Wishes
When people think about estate planning and wills, they focus on the time following their passing. This doesn’t cover everything that your estate planning can address. Your lawyer can help you craft an estate plan that also addresses your wishes should you become incapacitated or no longer able to express your wishes yourself. This is called a living will.
Your living will is a binding legal document that outlines your wishes for end-of-life medical care. Without it, doctors and family members are left to guess what you would prefer in terms of treatment. You can include what types of medical treatments you do and do not want. Examples of this are CPR, diagnostic testing, dialysis, blood transfusions, respiratory, administration of drugs, or surgery.
Create a Will and Living Will Today
It doesn’t matter how young you are; if you have property or assets, then you should have a will. Speaking with an experienced attorney will ensure you have a complete estate plan. Having a will lets you dictate how your estate gets distributed, reduces the risk of familial disputes, includes your living will medical preferences, and ensures your pets and children are taken care of.
Get started on your estate plan by scheduling a consultation with one of our skilled lawyers.
