Why You Absolutely Need to Create a Will

Image credit: shippee

Creating a will is caring for your family when you’re gone, sounds a bit morbid sure, but it’s the reality.

Do I really need a will? What’s in it for me?

A will is a legal document that specifies who will inherit what you’ll leave earth when you pass away: real estate, bank accounts, cars, jewelry and other property.

You have the choice to leave everything to one person or divide it up in small, detailed shares, such as the case with land or possessions. However, a will is much more than just a means of distributing your property after you’re gone, especially if you have kids who might challenge a will that they don’t think is fair.

What if I die without a will?

Chaos ensues. Without a legal will, there’s no guarantee that after you’re gone, the money you left will go to the people you want to receive your assets. This might sound stiff, but dying without a valid will gives the law power to divide it according to a fairly inflexible formula. Your spouse would only receive about one-third or one-half of your state while the rest would be given to your children.

This may sound good, but without a will, some States will appoint an administrator who charges fees for the service to manage your children’s money until they reach the age of 18. This means that your spouse won’t be able to access the money left to help you raise your children without challenging a will to help her win the legal procedure. And even after the courts decide that your spouse could control the funds reserved for your children in trust, he or she would have to routinely show an accounting of how the money is used every year.

Can I make a will myself or do I need a lawyer?

The former. However, you’ll need to devote time, energy and even a little money to do it right yourself. Many people have created legally valid wills through the help of books or will-writing software program, although mistakes may happen if you decided a DIY will creation.

If you’re wondering if anyone will go the lengths to challenge a will that they believe to be unfair, absolutely. Your spouse, children, or even relatives might go to the courts to challenge your original will.

This is why it’s important to ask help from lawyers when creating one. However, if you really want to do it on your own, here are some ways to get started:

1. Create a list of all your assets, this includes bank accounts, real estate, life insurance, investments, and personal property.
2. Decide hard whom you want to inherit what, and when. For example, you may want your son to inherit his grandfather’s watch when he turns 21.
3. Choose a guardian for your children.
4. Choose an alternate guardian if the first choice is unable or unwilling to do it.
5. Decide if you want someone to manage the assets you leave for your children.
6. Choose an executor to carry out your desire and manage the required paperwork after you’re gone.
7. You may also include a letter stating how you would like your children to be educated and raised, your funeral to be arranged, and so on.