Here are 3 reasons why you should make a will before you die

A will is a legal document that sets out your dying wishes. Wills are commonly considered financial in nature because they detail how you wish to distribute your assets and name one or more people as executors of your estate. It’s also for appointing guardians for your children and pets once you’re away.

It’s one of the most important things you can do as an adult.

However, Caring.com’s 2024 Wills and Estate Planning Survey found that only 32 percent of Americans have a will. This is below from 38% in 2023. Approx 41% of respondents said they didn’t have a will because they didn’t get around to it, while 33% felt they didn’t have enough assets to leave to their loved ones.

Meanwhile, the Federal Reserve’s October 2023 report, Changes in US family finances from 2019 to 2022: evidence from the Survey of Consumer Financessaid average net worth of all American families 1.06 million dollars in 2022.

No wonder so few people have the will.

Most Americans financial literacy it is mediocre. The 2024 TIAA Institute-GFLEC Personal Finance Index found that, on average, only 48 percent of U.S. adults who answered the 28 survey questions got them right. This level has been maintained since the launch of the index in 2017.

Here are three reasons why we should all make a will before we die.

You don’t want someone else to decide your estate

When you die without a will, it’s called certified or Intestacy. The rules regarding the probate process vary by state. The one common thread in all 50 states is that your assets are frozen while the court system determines where those assets will be distributed based on that state’s intestacy laws. The process may take time.

Generally, the court looks at spouses and children or, if not, other family members, reflecting how most people would disposes of their estates. It also considers the needs and protections of minor children, etc.

However, while the state’s plan might be reasonable given most people’s ideas about estate settlement and legal beneficiaries, by not having a will, you lose control over any specific details that might conflict with the statements of the average will.

You can choose your Executor

Unlike above, where the state determines what happens to your estate by dying with a valid will and naming one or more people as you. executors executorshave people you trust to be responsible for carrying out your wishes upon your death, including possible probate, which is the process of checking your will before the courts.

Generally, the process, which includes closing bank accounts, paying creditors and outstanding bills, and any other necessary steps, will take an average of six to nine months, perhaps even longer, depending on the circumstances.

To be appointed as an executor, you must be at least 18 or 21 years old – depending on the state – a US resident and not legally incapacitated. The executor should have the time and capacity to undertake the task. It is often recommended that an executor live in the same city as you to ensure that the job is not too onerous for them.

You may appoint a corporate trustee to handle the process if you feel it would provide an impartial, third-party decision-maker. However, they would require compensation for their services like any other professional such as a lawyer or an accountant.

You save your loved ones considerable stress

While it may not seem like a big deal to have your estate settled through the courts, it will be stressful for loved ones, especially those outside of your immediate family that you care about. Courts will not necessarily recognize these special relationships.

Additionally, if you are single and die without a will, your assets may be distributed to your parents rather than your brothers. Being close to any siblings you may have could cause considerable stress to the entire family and possibly hurt your feelings.

Additionally, for pet lovers, dying without a will means that your immediate family would decide what happens to your pet. Your pet may not like the chosen outcome if they don’t feel the same way about animals. It is much better to have a will make arrangements ahead of time with a friend or family member willing to accept it.

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