TD Bank outlines the 5 reasons why having a will provides benefits and assurance to you and your loved ones.
While discussing end-of-life wishes can be difficult, working with your attorney to draft a will should be a top priority. However, far too many of us avoid this task. A June 2021found that fewer than half of U.S. adults have a will. Some may not have gotten around to it, and others may think they don't need one because their families would know how to handle their estate.
Every state's intestacy laws are different. If you pass away without a will and your spouse and children or children from a former marriage or parents survive you, everything may not go automatically to your spouse, so a will specifically provides for the transfer of wealth to the individuals that you say. A will allows you to put everything in writing, so everyone knows your asset transfer instructions after your death.
If your attorney prepared your will when you got married or first had children, it should be updated as your circumstances change. Like any other planning document, wills should be reviewed every few years with your estate attorney.Your will can stipulate your support of charitable organizations after your death, which can have a huge impact on a cause you're passionate about. You can also decide to make legacy gifts to someone who's been a great caretaker or friend over the years.
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