People come up with all kinds of excuses for not making a will.
Some think they’re too young or too poor to need to worry about it yet. Others are concerned a will could actually make things harder on their heirs by saddling them with debt. And, most common of all, many put off the job of making a will because they think it will be difficult or expensive.
But making a will makes sense for nearly everyone. To understand why a will can be useful at any stage of your life, Amy Livingston with Money Crashers, encourages us to consider these six points:
1. You Have More Assets Than You Realize
One reason many people think they don’t need a will is that they believe they don’t have any assets. If you don’t own a home and you’re always teetering on the edge of overdrawing your checking account, it’s easy to think of yourself as broke. However, you likely have some assets you’re overlooking, such as retirement accounts and online payment accounts, a vehicle, or even family heirlooms.
2. You Can’t Predict the Future
Being young and healthy isn’t the same as being immortal. It doesn’t protect you from dying in a car accident or a natural disaster, or from a sudden illness or injury. The bottom line is, you can never be truly sure what tomorrow will bring.
3. You May Not Know Who Your Legal Heirs Are
Some married people think they don’t need a will because all their assets will automatically go to their spouse when they die. But depending on where you live, this might not be the case. You should check into your state’s laws and determine what you need to do to ensure your assets will go to the person(s) you want them to go to.
4. Your Debts Won’t Be Passed On
Part of making a will is naming an executor. This person is responsible for jobs like paying off any bills you leave unpaid after your death. Sometimes people are concerned with appointment an executor because they believe their debts will be the responsibility of the executor. Not the case. What happens to debts after your death depends on the type of debt, but as a general rule, debts can’t be left to your heirs.
5. It’s Not Hard to Do
Perhaps the biggest single barrier to making a will is the hassle involved. Many people assume that writing a will is a complex or expensive process that requires the aid of a lawyer. They put it off because they think they don’t have the money or time to do it properly.
In fact, there are several ways to make a perfectly legal will without consulting a lawyer. You can use boilerplate forms with standardized language, where all you have to fill in is the names of your heirs and the amounts left to each one. You can also use many online sources to create a fully-legal will. All you need is:
- Your personal information, such as name, address, and date of birth
- The name of your executor
- The names of your beneficiaries
- The name of the legal guardian you are naming for your children, if any
6. You Can Change It Later
A will you make today isn’t set in stone. You can update it at any time if your circumstances change — or if you simply change your mind about how to leave your assets. In fact, legal experts recommend that you change your will regularly in response to life changes such as getting married or divorced, buying or selling a home, or having children or grandchildren.
