Most people think that only rich aristocrats have estates, but that’s simply not true; everyone has an estate, which consists of everything they own and owe. Whether your estate is large or small, you probably need an estate plan, which includes a Will. A Will describes how you want things handled after your death. Here is why you should make a Will today with Rocket Lawyer:
1. Your Children
If you have minor children, a Will is essential. It allows you to nominate a guardian to care for your children if you unexpectedly pass. If you don’t choose one, the State will have to pick for you, and this could result in your children being raised by someone you wouldn’t have preferred. For example, this could mean that your partner who is not your child’s parent may not be granted guardianship.
2. Who gets my stuff when I die?
If you die without a Will, the laws of the State in which you reside will determine how your property is distributed. Generally speaking, this means the State’s laws decide the recipients of property that is titled in your name at your death and for which there is no designated beneficiary.
If you make a Will, you can decide exactly who gets which assets and how much is given to each person. If you don’t want your estate to be distributed to family members, you can use a Will to distribute your estate to a charity or organization.
You may list specific digital accounts, such as your iCloud account or a certain sum of money, to specific beneficiaries, and you can direct what should be done with all of your remaining assets, such as an unexpected bonus, prize, refund or inheritance.
3. Ease the chaos of death
If you have ever lost a family member, you know how difficult just processing the loss can be. Death is emotional, stressful, and overwhelming. A Will helps reduce unnecessary arguments between relatives over the disposition of your property.
Without a Will, the State may not allow your relatives to access your accounts to pay for funeral expenses. With a Will, you can set aside specific money for funeral costs, which reduces the financial strain for your family. You can also state whether you want to be buried or cremated, where you want the funeral to take place, and any specific instructions.
4. You get to pick who is in charge.
A Will requires you to nominate an Executor who is in charge of carrying out the instructions of the Will. He or she is responsible for paying off your bills, notifying your banks, and canceling your credit cards and your subscriptions. You should appoint someone who is honest, trustworthy, and organized. He or she could be a friend or family member. Acting as an Executor can be time-consuming, and you should always make sure he or she is up for the task. You may want to nominate a backup Executor just in case.
5. Avoid accidentally disinheriting your partner, best friend, or sweetie.
Last, a Will allows you to do away with pesky legal relationships and give to those you are not biologically or legally related to. If you think of your best friend as your family, a Will allows you to name him/her in your Will. And if you think marriage is a silly institution that you want no part of, but you are still deeply committed to your partner, you can use a Will to make sure they inherit your assets when you pass. The fact is that without a will, unmarried partners may not receive anything from your estate.
I know this is something that no one wants to talk about, but having a Will is essential and today, with Rocket Lawyer, it’s easier than ever to create.