Whether you have started saving for a future vacation, your child’s college education or your retirement, you probably know the value of planning for the future. However, that savings is only one important way to prepare for the years ahead. No matter what stage of life you are in, you should also consider writing a will to protect your loved ones and ensure that they have what they need if you pass away. Why is it important to have a will?
Without a will, the law will make important decisions for you.
If you do not have an estate plan in place, you aren’t alone. Most adults—including more than three-quarters of millennials—do not currently have an estate plan. When these people pass away, also called dying intestate, Minnesota law dictates who inherits their assets and how much they inherit.
With a will, on the other hand, you can determine who will inherit your possessions.
When a person dies intestate in Minnesota, the law views only a few specific people as their beneficiaries. By listing your own beneficiaries, you can provide for your immediate family as well as close friends or more distant relatives who would not otherwise receive an inheritance.
A will also allows you greater control over who inherits which property.
Do you have a family heirloom that you want to keep in the family? Should your spouse or your child inherit your family home? Do you want to give more to a friend who helped you through a difficult time? In your will, you can outline how much each of your beneficiaries will receive and whether they will receive specific items rather than allowing the court to make those decisions.
In addition, a will addresses all the property you own at the time of your death, even the property you have not yet purchased. This means that the property that you do not list specifically will still be distributed according to your wishes.
You can choose a guardian for your child.
If you have children under the age of 18, your will is one of the best ways to protect them and provide for them. You want your children to have the love, support and guidance they need to grow, and naming a guardian ensures that they have what they need even if you cannot be there to see them grow.
With a will in place, you can provide for the people who matter most and have greater control over your property.