Top 5 Reasons to Write Your Will Today

If you are like most people, you will put off writing your will to some imaginary date in the future. Some of us say that when we retire, we’ll write our will, and others think that they want to build a bit more wealth first so that there is something of substance to leave for their children. If you are among those who are putting off writing your will indefinitely, perhaps these top five reasons to write your will today will inspire you.

1. No One Knows the Day or the Hour

To borrow an oft-used phrase from the Bible, “No one knows the day or the hour,” when you will leave this plane of existence forever. While the words written in the Book of Matthew referred to something altogether different, we often use that phrase when speaking of our death. With the huge number of deaths that we have experienced during the past two years of SARS-CoV-2, this was never made clearer. You really don’t know when your appointed time is, so perhaps it’s time to get that will written even if you are in good health. From auto accidents to the sudden onset of diseases, there is no guarantee you will be here in the coming years.

2. The Consequences of an Unwritten Will

Since there is virtually no way to know when that day will arrive, you should consider the consequences of an unwritten will. Whether you think they are too time consuming to deal with now or you simply don’t fancy stepping into a solicitor’s office several times during the drafting of a will, you can write wills online with ease. With a team of estate planners who also offer will writing advice like Elm Legal Services you can draft your will from your home. Help is just a few cyber packets away! 

3. Establishing a Trust to Grow Non-taxable Assets

There’s much to be said about establishing trusts in your will for your beneficiaries. This is something you might want to discuss with your team of advisors as well. As long as the money and dividends stay in the trust, there may be no annual taxes due. Also, if nothing is deducted from the trust upon your death, that trust will not be subject to inheritance taxes. If your purpose is to help your children grow wealth over time, this is an amazing way to help them do just that.

4. You Can Exactly Define What Each Beneficiary Gets

If you’ve ever witnessed a highly contested distribution of assets upon a person’s death, you will understand just how important it is to define exactly who gets what. By setting out your will with a clear understanding of who your beneficiaries are and what each is entitled to, it’s much harder to contest in the courts. Here, it is wise to remember that as you begin accumulating more and different assets, you will need to revise your will accordingly. Only those things particularly stipulated in your will can be distributed and anything else is left up to the court in most cases.

5. Don’t Leave Your Estate in the Hands of the Courts

Referring once again to those highly contested times of the distribution of assets in the absence of a will, who do you think has the final say on who gets what? That’s right! Usually, it is left in the hands of a judge to decide what assets each party is entitled to. This will typically depend on the line of succession, but not necessarily. For example, partners in businesses may stake a claim to business-related assets and an ex-wife might pop up out of nowhere to claim a stake on property purchased during their marriage. Times of contest can be extremely stressful and that’s not something you want your loved ones to experience.

Can You Find Just One Reason NOT to Write Your Will Today?

With so many reasons why you should get about writing that will today, can you think of just one reason not to start drafting your will right now? There is no need to procrastinate because you haven’t time to visit a solicitor and there’s no reason to think you are left on your own when drafting your will online. Legal teams can help you through the process and then check your will for inaccuracies upon completion. Any questions you want answered will be immediately resolved and all without stepping foot outside your home in the coldest days of winter or the wettest days of spring.

It’s understood that no one wants to think about their own demise, but if you focus on your beneficiaries, your children, then you have a purpose. You also might want to name guardians in your will whom you trust to raise those kids you love so much. Grace them with the financial security they will need in their future and loving guardians who will get them there safely. That’s love and that’s why you should right your will today.

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