Despite the necessity of having a will, many Americans believe that writing one is a time-consuming activity that isn’t worth the effort. Others believe that having an estate plan and documenting how their assets should be distributed is a privilege reserved for the wealthy. Such false convictions resonate with over 65 percent of American adults, who do not have a will in place.
August has been designated as National Make-A-Will Month to encourage more Americans to create a will regardless of age or socio-economic status.
Fortunately, getting your affairs in order does not have to be a time-consuming or expensive process. Here are four reasons why creating a last will and testament is important for ensuring your ultimate wishes are carried out appropriately:
- Creating a will is simple and easy, thanks to technology. Online tools such as FreeWill eliminate a lot of the costs that are typically associated with creating a will. Technology has enabled the creation of online legally binding documents that witnesses can attest to and can even be notarized, if needed. Many of these online providers claim that the process can be completed in as little as 15 minutes.
- A will empowers you to safeguard your loved ones. Writing a will is like buying a life insurance policy in some ways. Having a will can save your loved ones from stress and uncertainty after your passing. It also allows them to take legal ownership of your assets quickly and easily without having to go through complicated legal processes.
- It clarifies how your wealth and assets should be distributed. Because it clearly regulates the process of transferring ownership, writing a will prevents conflict between family members. By amending your will, you can revise your selections about how you want to distribute your assets. As you examine your plans, review the executors you appointed to carry them out, confirming that you still trust the designee and that they can carry out your wishes.
- A will allows you to establish a lasting legacy by supporting your favorite nonprofit organizations. One way to contribute to solving global challenges, even after your lifetime, is by donating a percentage of your will to a nonprofit organization. It costs you nothing, and you can rest assured that your legacy will be preserved by supporting a cause that you care about. You can use FreeWill to start a generous bequest to FINCA.
The Importance of National Make-A-Will Month at FINCA
FINCA recognizes the benefits of estate planning because every family, regardless of wealth, should have a will for the peace of mind and ease it can provide when a loved one passes away. Wills can be used for a lot more than just deciding who receives your assets and property when you pass away. You can appoint guardians for young children, leave directions for digital assets, identify caretakers for your pets, describe your funeral preferences, and more with a will. If you already have a will, make sure to review it every couple of years and update it with any new assets or changes to your wishes.
This August, write or update your will to safeguard your loved ones and support the causes you care about.