A will is a starting point in your estate plan. The question “Do I need a will?” could be a very difficult and sensitive subject to many people.
There is a saying that goes “Most people don’t plan to fail, but they fail to plan”. Read this carefully – If you can’t decide if you need to have a will prepared, then you’ve already make a decision, haven’t you? You have made a decision to have your assets being controlled and directed by the government, instead of you being in control.
If you die without a will, you’ll still have a will. However, it will be the Government’s will. Everything will be handled according to the Government’s wishes, not your wishes. Answer this now, “Is this what you want?”.
If you have minor children, you allow the court to take charge of guardianship. You allow the court to distribute your assets according to state law. If you’re not married, your parents or your siblings inherit your assets. Friends, companions and charitable organizations do not get anything. If you have zero relatives, the government is your heir. If you don’t have a will, you leave the control of your assets which is rightfully yours to the government.
Ponder this over again, “Is this really what you want?”
If your answer is No, you need a will. If you want to be in control of who takes care of your family, and how your assets are to be distributed upon your demise, you must have a will. You can decide and appoint these very important roles in your will:
o The executor – the person who executes your will and makes sure your wishes are carried out .
o A legal guardian for your minor children
o Beneficiaries for your assets
o Trustees for all your liquid and illiquid assets
You can decide and specify how your assets are to be distributed, including special bequests or gifts. Your children’s future needs are looked into as you can specifically include instructions to your trustee to provide for your children’s financial needs. In short, you can still take charge of the welfare of your beloved ones and your hard earned assets, even after you pass away.
Writing a will is not about death. It is about protecting and leaving a legacy of love for your family. Remember, it’s not because we are dead, but because our love ones have to live on. It is already emotionally difficult for them to see us go. Not having a will is like adding salt to wound.