Drafting a will is one of the most important things that any adult can do. Yet, some studies and surveys suggest that two-thirds of Americans do not have one. Estate planning inevitably involves participating in some conversations concerning death, which can put people off.
Nonetheless, there are a host of benefits that drafting a will can result in, which far outweigh the negatives. Outlined below are some of the key reasons why you should consider drafting a will. Other reasons – including the need to address your digital estate – regardless of whether you are a parent or own valuable property.
Protecting your family home
Perhaps you own a family home that you all cherish and you would like to keep it in the family. In some cases, your partner may inherit the home without you drafting a will, but this certainly isn’t guaranteed. A surefire way that you can ensure your family holds on to the property is to express your wishes in writing via a legally-enforceable will.
Naming guardians for your children
While many of the provisions in a will generally relate to finances, there are also other matters that can be addressed within the context of a will. For example, you can name legal guardians. Essentially, these are individuals who will raise your children should something happen to you. You can nominate any adult of your choosing, and you can even designate a backup. What’s important is that you choose someone who you feel will instill the same values into your children as you would if you were still around.
A will centers on leaving an inheritance for your loved ones, but there is also much more to the process of crafting both a will and a broader estate plan. To find out more about the benefits of drafting a will, you may want to consider seeking some legal guidance.