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Top Reasons People Put Off Writing a Will
A will is a legal document that highlights how you want your assets to be distributed after you pass away. More importantly, a will designates guardians for children who are under the age of 18 in the event that you perish. In other words, having a will is important. However, despite the importance of this document, many people hesitant to create one.
Here’s a look at some of the most common reasons why people put off writing a will.
They’re Too Young
Wills are only for older people, right? – Wrong!
While we all hope to live a long and healthy life, the truth is that there is no way to tell when you’re going to pass away. You could be involved in a deadly accident or diagnosed with a terminal illness at any age.
Since unforeseen health issues and unexpected accidents can occur at any time, it’s important to be prepared for the unthinkable – even if you are young and able-bodied. Anyone who is over the age of 18 can write a will, and those who have children, own real estate, businesses, or other significant assets are strongly encouraged to do so.
A will ensures that your assets are distributed to the people you want to have them, and that young children are cared for by a guardian that you approve of.
Thinking about Dying is Depressing
The topic of mortality is difficult. It’s uncomfortable to think about dying, but it’s a fact of life. When – not if – you do pass away, a will serves as a guide for the individuals that you have chosen as your beneficiaries and as the representatives of your estate. Coping with the loss of a loved one is hard enough; trying to figure out how to handle the estate that a loved one leaves behind will only make that loss more difficult. A will can help your survivors understand your final wishes. Furthermore, it will ensure that the loved ones you leave behind are properly provided for and that your assets are passed on to the people you want to have them.
Assets Will be Passed onto Beneficiaries Without a Will
While it’s true that your assets will go to your family members when you pass away, they may not go to the people that you want to have them.
In New York, the state distributes property of deceased individuals without a will according to what is referred to as the statutory scheme of succession; first the spouse and children, then the parents and siblings, and lastly to any other surviving blood relatives. Legal complexities are involved with this process and those who you would like to leave your assets to may not receive them. For instance, even if you have been living with your partner for decades, if you are not legally married, he or she may not be entitled to your estate. Likewise, someone who you would rather not receive any of your assets may have a legal right to them if you don’t have a will.
If you want to ensure your assets are distributed in the manner that you wish, you need to have a will.
Creating a Will is Expensive
The cost of creating a will varies and is dependent on a variety of factors, including your assets, your financial affairs, and the person who is making the will. However, given the benefits that a will can provide, including the money, stress, and time that it can save your loved ones after you pass away, drafting a will is a sound investment.
Making Crucial Life Decisions is Scary
Just like thinking about your mortality can be scary, so can thinking about making major decisions that will affect your life and the lives of your love ones. But, it’s important to know that the initial draft of your will does not have to be the final document. You can make changes to it as you see fit; for example, after the birth of a loved a child, a divorce, or the death of a loved one, or after you purchase real estate, you can update your will to either include or exclude assets and beneficiaries.
Creating a Will can Cause Conflict
Actually, not creating a will can cause conflict. When there is no guideline for how you want your assets to be distributed, major strife between family members can arise. By developing a will, your loved ones will have a keen understanding of your final wishes, which can help prevent quarrels after you pass.
Wills are Only for the Wealthy
Many people think that they don’t need a will because they don’t have a lot of money, possessions, real estate, and other assets; however, a will is certainly beneficial for people who have modest estates. Your will can ensure that your assets – no matter how many you may have and how valuable they may be – are given to intended loved ones.
If you are putting off drafting a will because of any of the above excuses – or for any other reason – consider the benefits that a will can provide. Contact our law firm to learn more about the importance of a will and why you should stop putting off drafting yours.
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