If you are healthy and young, probably, you’ve never thought of having a Will. Many people consider a Will as some sort of abomination that they shouldn’t even think about. If you are in that category, you better change your mind. Have you ever heard people collapsing and dying? It happens often, and in most cases, the victims show no signs of underlying health conditions.
There's no better time to write a will than now, especially because of the coronavirus pandemic. You never know when it can come knocking, and it may not give you enough time to write a will.
Here are some compelling reasons you need a will right away.
If you have some essential assets in your possession, you can divide them the way you want when you are still alive. You are the one who knows which assets you want to go to charitable organizations, to your friends, and which should remain with your family.
And even those that remain with the family, you need to specify who takes what. Making a will makes it easy to distribute your assets if you succumb to coronavirus or any other disease.
A Will will protect your children in all circumstances because it ensures equitable distribution of your assets. If you die without having a Will, a dispute may arise among your children, especially if the older ones try to get more than what they deserve. Through a Will, you can as well create trusts to ensure your children will have financial security.
Your death can be traumatic to your family members, especially if it occurs suddenly, like in an accident. In such a case, only a good car accident lawyer can ensure your family gets compensated. For example, if you live in Maryland you might Google search, "car accident lawyer Maryland" to find the best choice for you.
Likewise, if your death occurs suddenly because of coronavirus, it is your Will that your family can turn to. The will can give them an easy time because it will have everything specified.
If you own an estate whose value exceeds the inheritance tax threshold, it will attract inheritance tax once you pass on. There is a law that allows you to use your spouse’s tax-free allowances and reliefs to increase your taxes. This can significantly reduce your family’s expenses.
Sorting out the value of your estate when you are still alive can reduce the inheritance tax on your property. Discuss this with your solicitor, and he’ll find the best way to help you.
As you think about your family, friends, and charitable organization, you also have to think about yourself, your body in particular. How would you want your family to handle your body after your death? Would you want to donate your organs? Would you want to be buried or cremated?
If you prefer burial, how do you want it conducted, and where do you want to be buried? If you choose cremation, where and how do you want it done? How do you want them to handle your ashes? Specify all these but also remember that if you die with coronavirus, your body may not be handed over to your family, and it may end up in a mass grave. Even then, you need to specify in your Will what you expect your family to do.
Your passing on will be a significant loss to your family. It would be a burden if they also have to plan a send-off for you while they are grieving. Why not have a plan ready for them before you die? When you have worked out everything, including the costs and how they’ll be paid for, your family will only have to set the ball rolling to give you a befitting send-off.
Having a Will isn’t as expensive as you might think. You can even draft one on your own, in which case you can spend at most $150. otherwise, you can hire a lawyer to do everything for you. This way, you’ll spend between $300 to $1,000.
Amy Sloane is an alum from Oregon State University and spends her free time as a freelance writer and knitting enthusiast. Amy loves reading, cooking, and spending time with her dog, Molly.