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5 Reasons You Need a Living Will Now

Living Will - CAMU

Nobody likes to think about death and the aftermath that comes with it. However, it is your responsibility to your family and friends to make sure all of your affairs are in order.

Here are the 5 Most Important Reasons You Need a Will

1. Save time and money

When you pass, your loved ones will be responsible for the process of overseeing the distribution of your assets. Most estates have to go through probate court and without a will it can get very complicated for your family members. By not having a will you are most definitely adding a time-cost and financial burden on your loved ones. 

A huge benefit to having a will is it will expedite the court process. 

2. Determine who will manage your estate

When you write a will, you become a “testator” and have the opportunity to nominate an “executor.” This will be the person who will be in charge of wrapping up all your affairs. 

The executor has an important job. Their responsibilities could include anything from closing bank accounts to liquidating assets. Therefore, you should choose someone who is capable and who you trust to carry out these activities. If you don’t choose an executor in your will, the court will pick one for you.

3. Decide who does or does not get your assets and property

Like we explained before, you are the testator, and you can name people as beneficiaries for certain assets. You can also name beneficiaries for any property that you don’t list. When your executor handles your will, they’ll be in charge of distributing these assets.

You can also use a will to help ensure that some people don’t receive anything. For example, you might want to prevent an ex-spouse from getting their hands on any inheritance. 

4. Choose who will take care of your minor children

In the tragic scenario that both you and your partner pass at the same time, having a will to decide who will care for your surviving children is crucial. If you have kids under the age of 18, you will want to make sure that you use your will to nominate a guardian. 

A guardian will be responsible for all your children’s daily needs, including food, housing, health care, education, and clothing. However, if you don’t nominate a guardian in your will, a court will have to choose one for you. 

5. Provide a home for your pets

You can also prepare for the future of your favorite fur balls by including someone to take care of them in your will. You will need to name a beneficiary for your pet, leaving them to a reliable friend or family member. You can ask that person to act as a caretaker or guardian for your pet, and even leave them funds to provide for your pet’s care. 

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