Most people recognize that your will is a way to pass on assets in your estate to your loved ones. It is also an opportunity to name critical people who will manage your estate administration, known as a personal representative. You can also name another trusted individual to care for your minor children if something happens to you and any other parent.
Recent research from the Center for Retirement Research at Boston College found that only one third of people in the United States have a will, and nearly half of those who don’t have a will yet say that they are simply procrastinating. It may seem cumbersome to approach the process if you’re not sure whether you have enough assets to put together a will, but you can make things much easier for your loved ones, regardless of the size of your estate.
A will goes to so much more than finances because it ensures that your assets are directed to the people and entities of your choice and supports your individual wishes rather than the process outlined strictly in your state’s intestacy laws. A will is a key cornerstone of financial planning, and although 80% of people say they intend to write a will at some point, many put it off because it feels overwhelming, confusing, or expensive.
Creating your will does require some work now, but it can make things so much easier for your loved ones in the future because you’ve already undertaken the steps of thinking about the assets you own. This makes it much easier for your personal representative to find these assets and care for them before using them to pay off creditors or distributing them in another way. Putting together a will also decreases the possibility of estate planning disputes that can add further delays and costs to the overall administration of your estate. For more support in this process, contact our Pasadena estate planning lawyers.
