If you are lucky, you will live to an old age with few medical concerns. According to the Centers for Disease Control and Prevention (CDC) the average life expectancy in the United States is 77.5 years old. As you approach old age, you will certainly want to have a will, but at what age should you have a will in place? Any adult over the age of 18 should consider making a will. Here’s why:
A will is a legal document that provides instructions regarding the handling of your estate after your death. And, a will is not just for the wealthy. Here are some of the reasons you may want to make a will.
- To provide instructions to your family. Your loved ones may not know your wishes when it comes to what to do if you were to die. A will gives clear and concise details that will make it easier on your family members.
- If you have an important piece of property, you will want to create a will. If you own a family heirloom, you will want to make sure that it stays in the family. A will gives you the opportunity to ensure that the heirloom goes where you feel it belongs.
- When you have a pet, you want to be sure that it is properly cared for if you pass away. The best way to make certain that your pet will find its way to a loving home with a trusted friend or relative is to put specific instructions in a will.
- A will can help to prevent probate. If you have a will, your relatives may not need to go through the probate process. This could save them time and money. If you die without a will, the law requires probate.
- A will allows you to instruct your beneficiaries on how to distribute your property or assets if you die. You can provide instructions for exactly who will receive what property after your death.
- If you have a complex family makeup, it is best to have a will. Otherwise, state law mandates the distribution of property, and this may not always be in line with your wishes. If you have any changes to your beneficiaries, be sure to reflect that in your will.
- If you wish to leave some of your assets to a charity, you will need to do so in your will. A will gives you the opportunity to name people or entities which will be the recipients of your assets.
- When you are a member of the police or of the military, it is best to have a will in place. A will gives you peace of mind that your loved ones will be properly cared for according to your wishes in the unlikely event of your death.
Nobody likes to think about their own death, yet it is always in your best interest to prepare for the future. Even young people who don’t have a lot of assets should still have a will in place to give instructions to their loved ones. To learn more about wills and to seek legal guidance, contact us at Moen Sheehan Meyer, Ltd. at (608) 784-8310 or online.
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A last will and testament is one of the essential parts of your estate plan and it is a document that every adult should implement. Luckily, it is not difficult to put a will in place to protect yourself and your loved ones in the event of your death.
Last Will and Testament FAQ
Here are answers to some of the common questions that people have about wills.
What Should I Include in My Will?
When it comes to your will, you are better off including too much information than not enough. Do not leave anything to interpretation. For example, name beneficiaries and specify exactly what property or assets they should receive, but also consider naming alternate beneficiaries.
How Can I Make Changes to My Will?
You should review your will every so often and make sure that it includes your current wishes. In general, you can make minor changes to your will with a document called a Codicil. However, when you make multiple changes over time and have several codicils in place, the result can be confusing. The more changes you make to an original document, the more possible it is to have misunderstandings. Your attorney should review the changes you want and may recommend that you replace the will with a new one if the changes are major.
Are Handwritten Wills Valid?
While some states allow you to use a handwritten will (also called a holographic will) Wisconsin law requires a will to be typed and properly witnessed and notarized in order to be valid.
When Should You Update Your Will?
You will undoubtedly enjoy many different milestones in your life. These milestones will be a mix of happy ones and sad ones. These milestones should lead you to do one thing each time you reach one: update your will. Simply creating a will and leaving it alone will not do you any good later.
If I Have a Living Trust, Do I Still Need a Will?
If you have minor children, a will is essential because it provides for the appointment of a guardian to care for them if you die. However, a trust may also be beneficial in that situation because it will protect assets until the children are adults.
Five Reasons You Need a Will
A will is an important document and is part of your estate plan. All adults should have a will in place, yet many people don’t have one. Here are five reasons why you should have a will.