A will is a legal document that lays out your wishes upon death. Wills are commonly considered financial in nature because they detail how you want your assets distributed and appoint one or more individuals as executors to your estate. It’s also for appointing guardians for your children and pets once you’re gone. 

It’s one of the most important things you can do as an adult. 

However, Caring.com’s 2024 Wills and Estate Planning Survey found that only 32% of Americans have a will. That’s down from 38% in 2023. Approximately 41% of respondents said they didn’t have a will because they hadn’t got around to it, while 33% didn’t think they had enough assets to leave to loved ones.

Meanwhile, the Federal Reserve’s October 2023 report, Changes in U.S. Family Finances from 2019 to 2022: Evidence from the Survey of Consumer Finances, said the mean net worth of all American families was $1.06 million in 2022. 

It’s not surprising that so few people have wills. 

Most Americans’ financial literacy is mediocre. The 2024 TIAA Institute-GFLEC Personal Finance Index found that, on average, only 48% of the U.S. adults who answered 28 questions for the survey got them correct. This level has stayed around since the index’s launch in 2017.  

Here are the three reasons why we all should make a will before we die.

You Don’t Want Someone Else Deciding Your Estate

When you die without a will, it is called Intestate or Intestacy. The rules around the intestate process vary by state. The one common thread in all 50 states is that your assets are frozen while the court system determines where these assets will be distributed based on the particular state’s intestacy laws. The process can be time-consuming.

The court generally looks to spouses and children, or if none, to other family members, reflecting how most people would dispose of their estates. It also considers the needs and protections for minor children, etc. 

However, while the state’s plan might be reasonable given most people’s ideas about the settling of estates and the rightful beneficiaries, by not having a will, you lose control of any specific details that might run contrary to the average will’s declarations. 

You Get to Choose Your Executor

Unlike above, where the state determines what happens to your estate, by dying with a valid will in place and appointing one or more people as your executors, you have people in place who you trust to be responsible for executing your wishes upon your death, including possible probate, which is the process of verifying your will before the courts. 

Generally, the process, which includes closing bank accounts, paying creditors and outstanding bills, and whatever other steps necessary, will take from six to nine months on average, perhaps even longer, depending on the circumstances.

To be appointed executor, you must be at least 18 or 21 — it depends on the state — a U.S. resident and not legally incapacitated. The executor should have the time and capabilities to take on the task. It’s often recommended that an executor live in the same city as you to ensure the job’s not too cumbersome for them.

It is possible to appoint a corporate trustee to handle the process should you feel it would provide for an unbiased, third-party decision-maker. They would, however, require compensation for their services like any other professional, such as a lawyer or accountant. 

You Spare Your Loved Ones Considerable Stress

While it might not seem like a big deal for your estate to be settled through the courts, it will be stressful for your loved ones, especially those outside your immediate family that you care about. Courts won’t necessarily recognize these special relationships. 

Further, if you are single and die without a will, your assets may be distributed to your parents rather than your siblings. Being close to any brothers or sisters you might have could cause considerable stress for your entire family and possibly hurt feelings. 

In addition, for pet lovers, dying without a will means your immediate family would decide what happens to your pet. Your pet might not like their chosen outcome if they don’t feel the same way about animals. It is far better to have a will that makes arrangements ahead of time with a friend or family member willing to take it. 

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