The Importance of Creating a Will: Don’t Leave Your Loved Ones in a Bind
Dying without a will can create a financial mess for those you leave behind. Shockingly, only 25% of Americans have a valid will, according to a recent survey by Western & Southern Life Insurance. This oversight could lead to emotional and financial turmoil for families during an already difficult time.
What Do Spouses and Parents Really Want?
The survey revealed that only 53% of people felt confident they understood their spouse’s wishes, while just 48% felt the same about their parents. Alarmingly, nearly a third of respondents (30%) admitted to never discussing financial plans for after death with their family. This lack of communication can leave loved ones struggling to handle funeral costs and managing assets during a tough period.
The Emotional Barrier to Estate Planning
Many individuals avoid the topic of wills because it feels uncomfortable or morbid. In fact, 54% of those surveyed said discomfort was a primary reason for not discussing end-of-life plans. However, failing to plan can have serious repercussions, particularly as families may rely on life insurance only to find it difficult to access those benefits when needed. A significant 40% reported resorting to credit cards or personal loans to cover immediate expenses.
The Risks of Not Having a Will
If you die without a will, your estate will go through a probate process, which can be lengthy and complicated. According to certified financial planner Mary Clements Evans, the state will determine who inherits your assets—potentially leading to outcomes that don’t reflect your wishes. Estate laws vary by state but often prioritize spouses and children, which may not align with your personal preferences.
Making Estate Planning Easier
Fortunately, online will-making services have simplified the process of creating legally binding documents. For example, Trust & Will offers user-friendly tools that allow you to create a will or trust in as little as one afternoon. Their pricing starts at $199 for individual wills and $499 for individual trusts, making estate planning more accessible than ever.
Trust & Will CEO Cody Barbo explains, “Creating a will online removes much of the fear, cost, and complexity that traditionally kept people from planning.” This option can serve as a practical solution for those hesitant about discussing such sensitive topics with strangers or engaging in traditional estate planning.
Frequently Asked Questions About Wills
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Do I need a will?
While it’s not legally required, having a will ensures you determine who inherits your assets and can appoint a guardian for your children. -
Are online wills reliable?
As long as they meet your state’s legal requirements, online wills are just as enforceable as those created by attorneys. - When should I update my will?
It’s smart to review your will every three to five years or after significant life changes such as marriage, divorce, or having children.
Conclusion
Talking about death is never easy, but confronting these topics now can save your loved ones from a future financial headache. By creating a will, you’ll not only take control of your legacy but also provide your family the clarity and support they desperately need during a challenging time. Don’t leave your loved ones in a bind; start the conversation about your end-of-life wishes today.
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Bio: Priya specializes in making complex financial and tech topics easy to digest, with experience in fintech and consumer reviews.