Why You Definitely, Absolutely, Without Question, Need an Up-To-Date Will

The topic of wills comes up here at the office quite often, and no matter how many times it makes perfect sense in my head to explain why people need a will, I’m still surprised to meet parents and grandparents who don’t have it.

Sure, I understand – it’s a topic you’d much rather not have to think about, right? Needing a will means you’re admitting to the inevitable.

Well, as a finance manager, you don’t need me to tell you about that other major certainty in life – you know, the one that’s not taxes – do you?

No, you don’t want to think about the reasons why your will will be necessary at some point hopefully far in the future.

But there’s only one way to avoid thinking about your will.

Complete your will.

Your Direction

If you haven’t done your will yet, then you’ll want to consider who you’d want to be in charge of your affairs. The truth is that you won’t be around to give direction.

So think about life once you’re gone. Who will make decisions about your home? Who will take charge of your finances and help lead your family through the grieving process?

Also think about your particular situation. Are you in a second marriage? Or a single parent supporting dependent children or parents? More than ever before, it’s common to have a modern mixed family, and this requires pre-planning.

And, do you want your estate to pay a lot in taxes when you pass away?

The last thing you want while you’re still on this side of the ground is to worry about the potential higher taxes your estate might have to pay. Arranging your estate plan after you’re gone without a will and testament will definitely be more expensive, time consuming, and emotionally devastating.

Power of Attorney

Appointing a power of attorney to function on your behalf is a crucial decision to help alleviate your family from legal or administrative burdens. It’s difficult to imagine, but it’s important to do so – the last thing you want is your family bickering over the distribution of your assets.

Arrange that distribution now and appoint a power of attorney to help you plan your estate.

Guardianship of Children

One aspect of writing your will that can easily be overlooked is the reality of guardianship once you’re gone. This is when it really gets heart-wrenching – the last thing anyone wants to think about is leaving their minor children behind, but we all know it can happen.

While we’re on the subject, take care of yourselves out there. You have a say in how long you’re going to be around, so make smart choices when it comes to nutrition and exercise.

Anyways, sorry for getting on my soapbox there. The truth is that neglecting guardianship plans can have terrible longterm consequences. Naturally, children would normally be in the care of a surviving spouse, but what if the grief of a partner’s death is too much? There are too many situations to imagine.

That’s why it’s best not to imagine them, not if you don’t have to.

And like I said, the only way to avoid these thoughts is to deal with them head on once and for all.

And that’s not to say your will can’t be updated from time to time. If you find yourself worrying about an existing will, please give me a call, and we’ll find your peace of mind together.

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This post was written by Marco Faccone