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The Five Types of People That Need a Will

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Title: Estate Planning Essentials: The Five Types of People That Need a Will

In honor of August’s Make A Will Month, we’re talking about a subject that many avoid but is integral to securing your future – wills. You might be surprised to learn that, as per a 2021 survey, only 32.9% of American adults have an estate planning document such as a will or living trust. Are you among the remaining two-thirds? If so, here are five types of individuals who particularly need a will, and why.

  1. Recent Homeowners: Homeownership is a significant asset and investment. Without a will, if something were to happen to you, your state’s intestacy laws would determine who inherits your property. In some cases, it may not be who you’d prefer. With a will, you can ensure that your hard-earned home goes to the person or people you choose.
  2. Recently Married Couples: Marriage marks a new chapter in your financial life. A will allows you to outline precisely how you’d like your assets divided among your spouse and other loved ones. Furthermore, a will can protect your spouse from potential legal battles or claims on your estate from other family members.
  3. New Parents: A will is crucial for parents, as it provides an opportunity to appoint a guardian for your children should anything happen to both parents. Without a will, the court decides who will raise your children. Protect their future by making your wishes legally binding.
  4. Pet Owners: Our pets are an integral part of our families, but many don’t realize that pets are legally considered property. Without a will specifying who will care for them, your beloved pet could end up in a shelter. Incorporate your pet in your will to ensure they’re cared for in the event of your passing.
  5. Individuals Experiencing Life-Changing Circumstances: If you’ve recently divorced, been diagnosed with a severe illness, or lost a loved one, it’s time to reassess your will or make one if you haven’t already. These situations significantly impact the allocation of your estate and your wishes for your dependents.

Life is unpredictable, but with a will, you have the power to decide who benefits from your estate, who cares for your children, and what happens to your pet. As uncomfortable as contemplating these scenarios can be, a will provides peace of mind knowing you’ve protected what matters most.

During this Make A Will Month, we urge you to seize the opportunity to safeguard your future and loved ones. After all, securing peace of mind is priceless. Don’t let procrastination or discomfort leave your family’s future in the balance. Remember, estate planning isn’t about your death; it’s about managing your life!

In case you need assistance with estate planning or have questions about creating a will, reach out to us. Let’s secure your future together this August.

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