Will Your Will Be Known?

August is National Make a Will Month, bet you didn’t know that. Every financial planner known to man will tell you that you NEED one, and they’re right. Thinking about the inevitable fact that one day you won’t be here isn’t exactly a pleasant thought process, which is why most of us put off this ultra important task – myself included… until now!

You Can’t Take It With You

Obviously our material possessions aren’t really that important in comparison to the quality of the relationships that we leave behind, but those possessions help our relations remember and feel connected to us. So although you may not care what happens to your “junk,” your family may have lots to say about it. Having a will allows you to mitigate a lot of the contention that can arise after the death of a loved one over “who gets what.” A family that doesn’t have to worry about it, or fight over it, is a better legacy to leave behind. It’s best to have this in place before hand.

Value is Relative

My in-laws have also been putting together their will and we have all discovered some interesting truths. What we think our kids want from us or is worth passing on, is not always correct. While asking what each of the kids wanted, they discovered it was the little things that held no meaning to them, but had a lot of meaning to their children. There were clothing, trinkets, and many things that had unknowingly been “cleaned out” long ago because it’s value was under appreciated. We don’t see the world through the eyes of our kids. Besides finding out what they want now may just mean your house gets de-junked sooner rather than later.

A Contest of Wills

Putting your affairs in order with a will now, while still in control of your facilities, decreases the chance of it being contested. You are in control of your executor, and all things related to it. If this process is talked about openly with your children, there will be fewer misunderstandings later. Involve your kids in the process and ensure they know that these are your wishes. Also be sure to keep them in the loop of any changes.

Wills Are For Everyone

You shouldn’t wait until retirement age to have a will. If you have a family and any kind of assets, or belongings then you need a will; especially if you have young kids.  A will also ensures that your kids will be raised by who you pick, and not the state, and will ensure that they have the financial resources they need. There are few things that you can do for your children than to have a will that ensures their best interests.

Creating a Will doesn’t have to be expensive or time consuming. Now is the time to get yours started (and finished).  Remember you can always change it should circumstances change, or revoke it and start from scratch again later. As in all things preparedness, something is better than nothing.
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