A will is an important document that provides security and peace of mind, but the idea of creating one as a member of a younger family often gets overlooked. Exploring several compelling reasons why new families should create a will can help you make up your mind.
This action ensures that your loved ones get care and respect according to your wishes.
Designate guardians for your children
One of the most significant reasons for creating a will is the ability to designate guardians for your children. Without a will, the courts may decide who will care for your kids if something happens to you and your partner. By creating a will, you can choose a trusted individual or family member to provide emotional, physical and financial support for your children.
Ensure your wishes related to assets
As a younger family, you may have started to acquire assets such as a home, savings or investments. A will allows you to specify how you want these assets distributed after your passing. This ensures that your loved ones receive what you intended for them, preventing potential disputes among family members or beneficiaries.
Avoid state-imposed distribution
In the absence of a will, state laws, known as intestacy laws, dictate how others distribute your assets. This can lead to outcomes that do not align with your intentions. For example, your spouse may not inherit all your assets, and your children could receive their inheritance at an age that might not be financially responsible.
Save time and money
As of June 2023, the personal saving rate, otherwise known as the amount of money each person has left over after necessary expenditures, was at a low 3.5%. When you worry about your budget, having a will is a way to save time and money in the long run.
The probate process, which occurs without a will, can be lengthy and costly. A will streamlines this process, reducing administrative expenses and delays in asset distribution.
Plan for financial well-being
Creating a will allows you to plan for the financial well-being of your family. You can establish trusts to provide for your children’s education, medical expenses or other needs. This level of financial planning ensures your family’s stability and safeguards their future.
If you delay, you may find yourself worrying about the future and not knowing what steps to take. By taking action, you can provide your family with peace of mind during challenging times.