Why You Need to Make a Will
Without a will, you’re taking a huge risk with your family’s future. Money Girl explains 5 reasons why you should get a will asap
Laura Adams, MBA
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If you don’t have a will, you’re not alone. Almost half of Americans with children are missing this incredibly important document.
If you ask me, that’s taking a huge risk with your family’s future. Without a will you’re leaving your family’s fate to the laws of the State—no matter how much or little you have to pass on.Â
Here are 5 reasons why everyone needs to make a will (and the sooner the better!):
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To make a difficult time easier. Not only will your death be an emotional burden for those you love—but without a will it could also be a financial burden.
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To appoint a guardian for your children (or pets). If you die without a will, the state decides who gets them. Choosing a guardian now ensures that someone you trust will care for them.
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To keep peace in your family. Having a will prevents your loved-ones from having to deal with bureaucracy, haggle with lawyers, or get into disagreements with family members.
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To state your last wishes. No matter if you’ve always wanted your niece to have an heirloom ring or your ashes sprinkled over the Gulf Stream, if it’s not in your will it’s not likely to happen.
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To save your heirs money. Wills tell everyone who gets your stuff, but they also protect your family from unnecessary expenses and estate taxes.
To make a difficult time easier. Not only will your death be an emotional burden for those you love—but without a will it could also be a financial burden.
To create a will, work with an estate attorney or download state-specific forms and templates at sites like Rocket Lawyer or LegalZoom.Â
Learn how to create your will for free in 4 Legal Documents You Should Have–Get Them Free.
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Last Will photo from Shutterstock
About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.