The COVID-19 Pandemic made a lot of people stop and consider financial planning. People began to wonder if they were doing enough to protect their loved ones. Many began to consider whether or not they needed a Last Will and Testament.
But do you really need a Last Will in this day and age? Is there something better that you can do to ensure your loved ones are provided for?
Let’s answer these questions so that you can get the best possible estate plan – one that gives you peace of mind that your loved ones will be taken care of in the event of your unfortunate passing.
So Do I Really Need a Last Will and Testament?
The short answer is if you are married, have children and/or have assets … yes you do need a Last Will.
On the other hand, if you are young and not married and you do not have children or any valuable assets then you may not need a Will at this time.
But why is completing a Will still one of the most important financial steps most people can take?
Because, quite simply, a Last Will is still the fastest, easiest way to direct the distribution of your assets when you die!
Without a Last Will and Testament, the government of the state in which you reside will dictate how your assets are parceled out. If you want to keep the government out of your affairs, a Will is the best way to do that.
Do You Need A Last Will?
More Benefits of a Last Will
As we said earlier, the primary benefit of a Last Will is that it keeps the government out of your personal business. Your state government has created an estate plan for every resident. That plan prescribes how and to whom your assets will transfer upon your death. If you do not want the government plan, then you need to do individual planning – and that starts with a Will.
Having a Last Will and Testament ensures that you determine who your property goes to upon your death. It also allows you to do things like name guardians for your children, forgive debts, choose an executor and more.
There are also many other benefits associated with Last Wills and Testaments. The benefits include:
• Avoiding a lengthy, and often expensive, probate process
• Minimizing estate taxes
• Disinheriting individuals who might otherwise inherit your assets
• Leaving a legacy by making gifts and donations to organizations and people you value
Plus, with a Last Will you can easily change how your property is distributed should the need arise before your death.
Now let’s take a closer look at some of the benefits that come with a Will.
Getting a Will Helps Avoid Unnecessary Probate Fees!
When you die your ‘estate’ (everything you own) needs to be redistributed.
If you have value locked up in property that property may have to be sold just to pay the fees for your probate processing.
Also, when you die no one can do anything with any of your assets until the court processes your probate.
That means that if others rely on you for support, they will need to wait for the process to be started to receive support. If there are disagreements, it could be years before the probate process is completed.
Having an iron-clad Last Will protects against high probate fees and shortens the inheritance process.
A Last Will and Testament Also Helps Prevent Family Bickering
The last thing you should want is for your heirs to end up fighting against each other.
A good, iron-clad Will clearly states your wishes and helps prevents family in-fighting from occurring. This type of fighting is often caused by family members of the deceased who feel that they have been cheated out of their inheritance or some portion of their inheritance.
A Last Will can make everything black and white and very clear to understand so the chances of hurt feelings and uncertainty and the fights that result from them are greatly reduced.
The Bottom Line …
It all starts with that Will! That’s the document you need to gain peace of mind and to ensure your family is provided for after your death.
If you do not know exactly what would happen to everyone you love and everything you own should something happen to you … then the first step is to take action now and not wait – you need to have a plan in place.
You need to have a Last Will. Remember, if you don’t create a Will then your estate will be subject to the government’s plan. The good news is you can now get an ironclad Will quickly online!
These digital Wills are ironclad documents that will protect your loved ones should you die. Plus, they are extremely easy and takes 10 minutes to complete.
To learn much more about digital Wills and how they can help you protect your loved ones, click on the link below. Act fast and you can get a comprehensive digital US Will and Last Testament for a terrific low price.
Yes, I want to learn more about a digital US Will and Last Testament!
If you are NOT from the US we have you covered. Our Last Will and Testaments are available in 8 countries. If you’d be interested in learning more, please visit our product pages of Last Wills and Testaments.