It remained customary among human beings to formulate their testaments before death. However, it’s estimated that 50-60 percent of American citizens haven’t created a Will yet. Sure, COVID encouraged people to convey how they want their assets to be distributed after they’ve passed away. So, what makes people so negligent about their final wishes? Even Gallup surveys as old as the ’90s reveal that half of Americans didn’t have a Will back then. When asked why they didn’t bother to make a Will, many respondents replied that they just hadn’t “gotten around” to it.
It’s speculated that people are scared of their mortality; the threat of death prevents them from drafting their Will & Trust on time effectively.
Why do you need a Will in 2022?
Statistics indicate that over two-thirds of Americans aged 65+ have drafted a Will. But this number gets lower among younger generations. As a result, 80% of millennials today don’t have a testament. Creating Will isn’t difficult anymore. Now, the entire procedure is explained by experts digitally. All you have to do is formulate a document, nominate an executor, designate your beneficiaries, call two witnesses, and conclude it with your signature. You can even use will kit that is easily available now a days. Some people prefer creating both Will and Trust to secure their family property more effectively. So, how does a Will benefit you? What are some advantages of having a Will ready for your death? We’ll explain some benefits of a Will here to prove the importance of this document now:
- Stay away from intestacy
What happens when you die without having made a Will? The situation of “intestacy” arises, which means the court appoints someone to distribute your assets among your immediate successors. Therefore, we advise you to create a Will today. You can now formulate online Wills easily by visiting a reliable digital platform. This method is flexible and convenient for everyone. So, a Will can prevent you from dying in “intestacy.’’
- Have your wishes respected
You can control how you want your assets to be distributed by writing a Will. Your wishes can be respected by your successors, and you can include/exclude people in the Will as well. When folks are negligent about formulating a Will, they’re just throwing away an opportunity to carry out their final wishes before death.
So, have your wishes respected by making a Will before you’ve passed away.
- Expedite the legal process
You can accelerate the probate process by describing your final wishes in a testament. If you haven’t made a Will, your successors will receive their heirloom after a long time of your passing away. Thus, creating a Will helps expedite this procedure. However, your inheritors will have to endure probate even if there’s a Will. A Will can reduce the costs of receiving any heirloom.
- Appoint a legal guardian
Statistics indicate that some 1.3 million adults today are living under conservatorship in the USA. Do you want to appoint a person as your children’s legal guardian after your death? Creating a Will can help you designate a person of your choice to oversee the affairs of your non-adult family members. That’s how you can prevent a stranger from becoming the master of your family affairs after your demise.
- Give people some gifts
Is there any family heirloom you wish to gift someone? Many people prefer donating their furniture or giving antiques to a trusted friend who can appreciate their true value. A Will can help you transfer these objects to someone trustworthy. You can make a “specific bequest” or instruct your successors to assign an object to someone. Moreover, you can also gift money to someone this way.
- Reduce any estate taxation
Creating a Will can help you reduce your estate taxation, thereby increasing the value of your estate for your family members. So, drafting your testament can protect your legal heirs from the burden of paying heavy taxes. Compared to the amount of money you can save, the responsibility of formulating a Will isn’t that troublesome. Therefore, make a Will and relieve this burden for your successors.
- Plan your funeral properly
A FAMIC study shows that 17% of adults aged 40+ had pre-arranged their funeral in 2015. Creating a Will can help you arrange your funeral properly before your demise. You can specify how you want people to hold a funeral for you. For instance, many Americans wish to be cremated instead of being buried. What’s more, you can reduce stress for your family/friends by recording your goodbye message too.
- Choose a reliable executor
Who do you want to designate as the executor? A Will can help you select a trusted person to serve as the executor of your testament. This person will administer your affairs on your behalf as you’ve appointed them as the executor. Besides, you don’t want the court to select a random person for this vital job, do you? So, it’s crucial to create a Will and appoint your executors and beneficiaries on time.
- Arrange for pets’ comfort
Most Americans own pets, and they want to include their furry friends in their Will. A survey has shown that 9% of cat/dog owners in 2012 had made financial provisions for their pets in their testament. A Will can help you arrange for your pets’ comfort after your death. You can allocate someone as the legal owner of your pets and leave behind a modest legacy for the animal’s living/health expenses.
Conclusion
We’ve discussed how over half of Americans don’t have a Will right now. They’re probably frightened by their mortality, or the complexity of this procedure terrifies them. Well, you can now create online Wills. There are several benefits associated with the creation of a Will today. You can avoid intestacy and have your assets distributed as per your wishes. A Will enables you to appoint executors/guardians whom you shall nominate. When you formulate a testament, you’re securing your family’s financial future. Moreover, you can accelerate the legal process by creating a Will. It allows you to organize your funeral prematurely and control your assets.
