Why You Need a Will Regardless of Age and Wealth

You may think estate planning is just for the very rich or the very old. It’s not.

Whether you have young children or aging parents, a traditional or non-traditional family, a large house or a small car, you should have an estate plan.

An estate plan does more than just direct the distribution of your assets upon your death. It can protect young or vulnerable beneficiaries from bad decision-making, minimize taxes, preserve eligibility for government benefits, and appoint agents to manage your affairs in the event of your disability.

Despite its importance, only 4 in 10 adults in the U.S. have Wills, according to AARP—and the excuses are understandable:

• It is something you intend to do but simply have not gotten around to yet.
• You are young and have plenty of time before any of this will apply to you.
• You don’t have a lot of valuable assets.
• Death is an unpleasant subject.
      

Why You Need a Will

Without an estate plan, your family may be left unprotected and experience unexpected and undesired outcomes. Without an estate plan, state law will direct what happens to your property and a court will decide who will be in charge.

Without a Will or a Trust, your estate will be divided according to the laws of intestate distribution. The court will name an Administrator to settle the estate as well as Guardians for your minor children. The Administrator and Guardians chosen may not be the persons you would prefer. And without directions laid out in a Will or Trust to the contrary, minors will receive their inheritances at the age of 18, which can lead to disastrous results.

A good estate plan ensures:

• Your assets are distributed in the manner you direct.
• Young children will be cared for by people you select.
• If you are incapacitated, decisions affecting your personal and financial well-being will be made by someone you trust.

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