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Why Get a Will?

If you’re not wealthy, you may be asking yourself, “Why Get a Will?” Here’s Why.

It’s estimated that 50% of all people die without a will. Many are under the impression that wills are only for the wealthy. This is simply not true. We felt compelled to make information about wills easy to obtain so everyone can know just how important the answer to, “Why get a will?” is.

Many avoid discussing wills and testaments because it unavoidably leads to facing our mortality. The truth is, whether we choose to ignore it or face it prepared, the old adage that death, like taxes, is unavoidable, still applies.

We don’t mean to make light of a subject as serious as death, but we feel many people can save themselves and their loved ones a lot of unneeded strife by making sure they have a will and last testament in place.

Getting the facts is not as hard as you may think. True, if you’re not exactly keen on the subject, the thought of filtering your way through endless dusty tomes containing legal laws or wandering through dozens of web sites online can seem daunting. That’s why we’ve compiled Whygetawill.com. Here you can find the best answers to questions such as: Where can i get a will?, How do I get a will? and How can I see a will? all in one place.

What is a Will (Understanding a Will)

The simplest definition of a will describes a document containing your instructions for distributing property after death. A will also names guardians for minor children and makes arrangements for the payment of debt after death. You won’t wonder, “Why get a will?” after this.

How Do You Get a Will?

A will can be obtained by anyone of legal age, having no mental disability. Forms can be purchased at office supply stores or done online making the ease of their acquirement a good answer to, “Why get a will.” You can often get the most benefit from a will if a lawyer is involved.

Who Needs a Will?

Who needs a will and why get a will can have similar answers. If you are an adult of legal age, and you have anything, physical or otherwise, you need a will in place when you die. This is the simplest explanation.

Protect You Family

Sometimes parties other than your family feel they have a right to properties and estates you leave behind when you die. Why get a will? It states specifically how you wish property to be distributed, and can be one of the most instrumental tools to protect your family.

Types of Wills: Living Wills

The benefits of living will can be one of the most important things revealed by the answers to the question, “Why get a will?” A living will is a document which lets loved ones know what kinds of end-of-life medical decisions you wish to be made on your behalf if you’re no longer capable of communicating these wishes.

Types of Wills: Formal Wills

A formal will, also known as a last will and testament, contains the final wishes and instructions a person, to be acted on upon their death. It is the first type of will most people think of when asking, “Why get a will?” Death often comes unexpectedly; a formal will can be an invaluable tool to assist those left behind with determining how your property should be distributed.

Power of Attorney and Executor

Power of Attorney and executorship are both ways an individual can assume authority over a person’s affairs. Once you’ve answered, “Why get a will?” who these are should be asked next. Power of Attorney is only valid while a person lives, ending automatically upon death. After a person is deceased, an executor makes decisions regarding his estate.

Trust

A trust sounds more complicated than it actually is. Trusts involve a relationship between three parties. The first party transfers property to a second party who holds it for the benefit of the third party. Minors and the disabled are groups who can benefit from a trust.

Future Articles Include...

Death and Debt

An individual’s debt is sometimes negated by his death. So, why get a will? In cases when the deceased has a will, debts that remain can be covered by payments made by executors from the estate before the estate is divided among the beneficiaries. Knowing what debt relatives are legally responsible for is important when getting a will.

Leaving a Legacy

For many, the division of commonplace property, estate, and money is not the primary answer to the question, “Why get a will? Families often are rich with heirlooms that have a legacy far outstripping monetary value. By have a carefully considered will and testament ready you can ensure that your loved ones can benefit fully from the legacy you intend to leave.

Estate Planning/Probate

Arranging for the disposal of an estate is the simplest definition of estate planning. Probate is the actual legal process of distributing the estate when it becomes necessary. Why get a will? Because, when estate planning is done carefully, taxes and other expenses can be reduced, helping to maximize the value of an estate.

Dying Without a Will

If you die without a will, a court decides how to divide you estate. Often, the decisions made by a court can leave loved ones and family with nothing but angst and confusion. Court process can be long and your loved ones may not benefit from anything you may have for them for a very long time. Why? Get a will!

Bequest

A bequest, simply put, is property gifted by means of a will. It is important to remember that property includes both physical and intangible entities owned by a person.

5 Top Reasons for Having a Will

If you still haven’t answered the question, “Why get a will?” for yourself, reasons as compelling as securing you children’s future and protecting your spouse leave little doubt as to the reasons why you shouldn’t delay getting a will any longer.

Important Terms