Only a third of Americans have a will. In a country that values youth and spends a lot of time and money to avoid aging, that may make emotional sense, but this is a situation that requires cold, hard logic. We all have a story of a family that broke apart because a loved one died without one, and I imagine you want to leave your family in a much better state. A will allows your loved ones to feel their emotions while understanding your wishes and how to honor them. Still not convinced. Here are three arguments that might persuade you that making a will is necessary.
Fact 1: We are made of flesh and bone, but defined by documents
How do you know you exist is a question philosophers have wrestled with for centuries. How do you prove your existence, however, is an everyday problem that many of us never have to consider. Why? Because in the modern world, governments have that job. Consider, so much of our lives are defined by which legal documents we have. The list in the United States includes:
A birth certificate: it tells the world that you’re alive, what country your a citizen of and, based on the laws of that country, when you get access to certain rights (driving, voting or drinking)
A social security number: which allows you to work
A passport: allows you to leave this country and reenter it, tells the government of a different country that you are visiting and what your rights as a tourist are. It’s also a legal document that you can use as one of the legal documents you can use when you fill out the paperwork at a job.
A drivers or heavy machinery license: lets you legally operate a piece of machinery at a job site or on the roads of our country. It’s also a document you can use when filling out new job paperwork
Military ID/discharge papers: identifies your branch and rank and allows your access to a military base and benefits as well as allows you access to veteran's benefits
Deeds: prove that you are the legal owner of a piece of property, most likely a home and/or car(s) for most Americans
Leases: that you have legal use of a property for a period of time for a certain price each month which demands you return it in good condition while releasing you from the responsibility of maintenance and upkeep of the property
Heck, we even need a document to prove we’re dead. How often have you considered that?
That often, hun?
A will is simply another document, your last and most important one. The one that ensures your voice gets heard when you are no longer around.
Fact 2: Not making a will is defined as dying intestate, which will punch your family in the intestines (and bank account)
When you die with a will the process is clear. Here is a VERY condensed versions of the process:
You and your spouse (if you have one) figure out how you want to distribute your assets and who you’ll put in charge of that process (your executor). Also, if you have minor children, you’ll need to determine who will assume guardianship of them.
You get a death certificate
You or your lawyer fill out the probate paperwork and file it with the court
The executor you named in your will goes to work distributing your assets as you directed in the will
When all the elements outlined in the will have been completed and all assets distributed to the beneficiaries, the probate judge closes the case, and the will becomes a public document. This process takes anywhere from 9-24 months
That’s the process whether you have a will or not, but there are a few addition steps, ones that cost your loved ones both time and money including:
Without a will you lack an executor, so a judge decides how your assets get distributed. This can include who will get custody of your children.
A court appointed executor completes the judge’s orders. Oh, and your estate will pay them for that service, taking money away from your family
Now that you know the reality, why would you let a stranger determine who gets your assets, reducing your estate in the process? Smart answer, you wouldn’t.
Fact 3: A will is a valuable document at every stage of life
Many people assume that based on their age or financial status, that they don’t need a will. It is true that every state has an asset base, so that if your estate is below a certain number, you don’t need to go through probate. However, just because the state has decided on an arbitrary number that they feel isn’t worth their time or attention, can the same be said of your friends or family?
For example, in my home state of Colorado, an estate valued at under $50,000 is exempt from the probate process. To many people, however, that can represent a significant amount of money. Maybe some of your beneficiaries could benefit from receiving your car or any money in your bank account or 401K. And if you have children, you want a will to state who will take custody of your kids in the event of your passing. Will kits are inexpensive and there are local organizations that have lawyers who donate their services.
Plus, hopefully, your assets will increase in value as you get better jobs, get married or inherit from other people. Having a document in place so that all you have to do is update it is an easier process than getting into your 50’s or later and trying to figure out all at once who gets what.
Death is an emotional time. Whatever your relationship with the deceased, many people feel fragile. No one wants to deal with the legalities, but, sadly, it’s unavoidable. Our lives are filled with paper, contracts and agreements that need attending to. Not having a will only makes the process more costly in terms of time and money. Now that you understand the benefits of having a will, let’s have a chat to get your safety net started. Sign up below for a 15-minute meet & greet.
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Photo Credits:
Hand Writing: Todoran Bogdan on Pexels
Passports: Tima Miroshnichenko on Pexels
Loan Agreement: RDNE Project on Pexels
File Box: Anete Lusina on Pexels
People: Fauxels on Pexels
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