Who Needs a Will?
A will—more specifically, a last will and testament—is a legal document that outlines your wishes regarding the distribution of your assets and properties. It is also used to enforce your decisions regarding important considerations, like the legal care of your minor children.
It’s something many people don’t think about for two main reasons: one, many people are not comfortable with thinking about death; and two, some people think they don’t have enough assets to distribute anyway.
This is why many people don’t have a will. And in a similar way, people do not have a living will either. This is a document that a person can use to state their wishes regarding end-of-life medical care. This is used specifically in the event that they become unable to communicate their decisions.
For example, in the event of a terminal illness, or a critical injury, or permanent unconsciousness, the person may no longer be capable of communicating their wishes. Doctors and hospitals will be legally obligated to take it upon themselves and make decisions that the patient may not prefer. A living will is used in these circumstances.
Both the living will and the last will and testament are used to secure your future. Granted, death and terminal illness are not easy to think about—but these are possibilities that we need to prepare for, just in case. Here, we will discuss who needs a will—and why it might be you.
Who Needs a Will?
Did you know that 70 percent of Americans do not have a will?
But there are plenty of reasons to get one. Those who have children, those who own businesses, and those who generally want to secure their future. A little foresight never hurt anyone after all.
You need a will if you want your properties to be given to the right people. This includes your money, your savings, your assets, or any other possessions you may have to give away.
You need a will if you have minor children and you want to appoint a guardian that you trust.
We can’t control the future, but we can at least have some degree of control over the things we possess. It’s not just for the wealthy: regardless of how much or little you own, a will can keep your personal belongings where you want them. You can designate beneficiaries for these possessions.
If you have a business, you will want to know who gets to run it after you die. If anything, your will can ensure a smooth legal transition of your assets. This way, you can spare everyone the headache of having legal disputes over your company. We strongly recommend a buy-sell agreement as well as a will for business owners. Read this article, “Why is a buy-sell agreement necesssary?”
With a will, you can choose an executor: a person you trust who will have the authority to ensure that your wishes are being carried out. They will ensure that all of your affairs are in order—from paying off bills to canceling credit cards.
Without a will, the court will have to make these decisions on your behalf.
Work with a lawyer at Gudeman & Associates and create a will that suits your personal needs. Talk to us about both a last will and testament, as well as the living will. You can save your loved ones from a lot of confusion and headaches in the future.
Work with Gudeman and Associates Attorneys today!