Studies show that nearly 75% of parents do not have a will. While many may think they are too young, don't have enough money or that their property will automatically go to their next of kin, all three common assumptions are wrong.
Life can end unexpectedly in an instant and, without a plan in place, grieving relatives can be tied up in court for years in the process of acquiring and dividing an estate's assets.
Children. If you have minor children, you need to specify guardians so that you, and not the court system, will determine who would raise your children.
Property. Recording your wishes for the distribution of your assets and property not only ensures that your decisions are honored but it can also help your family avoid destructive conflicts over these issues.
Final decisions. Grieving the loss of a loved one is hard enough to handle. Sparing your loved ones the stress and anxiety of determining how you would like to be honored and remembered can be avoided with a will.
While it can feel a bit unsettling to think of these things, making a will gives you peace of mind and helps your loved ones understand your wishes.