Creating a will is one of those things that really makes you feel mortal, which is one of the reasons why millions of Americans put off taking this important life step. When you or a loved one passes without a will in place, it can cause many bad feelings with those left behind — but it can also cost your estate more in taxes and other charges than you may realize. Here are some questions to help you determine whether or not you need a will.
How Large Is Your Estate?
If you are an older individual who is on a fixed income that primarily includes Social Security or government assistance, a will may not be extremely beneficial. However, if your estate includes a home, vehicles and funds such as stocks and bonds, a will is crucial to ensure that your assets are divided in the way that you wish them to be. You can also name an executor for your estate — a trusted friend or financial advisor who will have your best interests in mind and help protect your funds until dependents come of age.
How Many Dependents Do You Have?
If you are unmarried or widowed and only have a single child, your estate becomes very clear — unless you wish to have someone other than your only child inherit. When you have multiple children, a will can help you make decisions about who receives particular items in advance of your or your spouse’s demise.
How Old Are Your Dependents?
Even with a modest estate, individuals with young children or other dependents will need a will. This legal document is a way to ensure that your children are cared for per your expectations in the event of your early passing.
Making beneficiary designations on retirement accounts and life insurance policies simply isn’t enough for most individuals. A will provides a way for more complex estates to be divided. Many families find it beneficial to discuss their will openly as it’s being written as you can then make a personal explanation to surviving family members. Need help with other questions surrounding your final planning? Contact our knowledgeable professionals at Mountain View Funeral Home and Cemetery today at 480-832-2850.