Protect What Matters Most 4th August 2024 You’d do anything to protect your loved ones, right? Of course you would. Having a will is an essential way to safeguard their interests. Plus, you’ll save them added uncertainty, stress, and expenses, too. What if we told you there’s a way to write your will for FREE online in under 20 minutes? Go to freewill.com to get started today. August is National Make-A-Will Month and October 21-27 is National Estate Planning Awareness Week. Now is the perfect time to check this off your to do list and protect what matters most. Whether you’re 18 or 80, you need a will. Not sure? Check out these reasons why you do and find out why 10 popular myths don’t hold up. Top 11 Reasons to Have a Will (source: FreeWill) There are many reasons for everyone to have a will that you may not even have considered. Save time, money, and stress for your loved ones. Determine who will manage your estate. Decide who gets your assets and property — and who does not. Choose who will take care of your minor children. Provide a home for your pets. Leave instructions for your digital assets. Lower the potential for family disputes. Support your favorite causes and leave a legacy. Provide funeral instructions. It’s easy to make a will and gain peace of mind. Top 10 Myths Surrounding Wills (source: FreeWill) “I don’t own a lot, so I don’t need a will.” Busted: Wills aren’t just for the rich and famous. There are many important reasons to have a will, and passing on your money and property is only one of them. With a will, you can choose guardians for your minor children, name caretakers for your beloved pets, write your funeral wishes, and more. “My family knows my wishes, so I don’t need a will.” Busted: Even if your family knows what you want — and they might know less than you think — they don’t get to make decisions for you if you die without a will. Instead, a court will make those decisions based on your state’s intestacy laws. Court proceedings can be long and cost your loved ones a lot of money from your estate. Not to mention, you might want your assets distributed differently than how the court would distribute them. “My family will look after my kids if something happens to me.” Busted: Choosing a guardian for your minor children is one of the most important things you can do in your will. Some people assume that if they pass away, their families will look after their children. But again, if you don’t have a will, your family doesn’t get to make this decision. Your family members can step up and offer to take custody of your children, but ultimately, the court will decide who’s most fit to be their guardian. And who volunteers (and is chosen) could be different from the person you would have picked, had you chosen the guardian yourself. “I need a lawyer to write a will.” Busted: If you have a complex family or financial situation, you might benefit from hiring an attorney to help you draft your will. But if you’re like the majority of Americans, you could also write your own will. As long as you follow the proper guidelines, a do-it-yourself will is just as valid as one prepared by a lawyer. “Writing a will is expensive and time-consuming.” Busted: This often goes hand-in-hand with the point above. When it comes to writing a will, many people picture long, expensive meetings in an attorney’s office and decide to put it off until another day. But with today’s technology, it’s easier than ever to access high-quality will templates and forms that help you quickly and accurately write your will. There are several low-cost or free options on the market, including FreeWill, that can help you create your will in less time than an episode of your favorite Netflix show. “I need to notarize my will and file it at the courthouse for it to be legal.” Busted: It may seem like a document as important as your will couldn’t be legal unless these steps are taken. But the truth is that, generally, neither of these are necessary to make your will valid. Currently, Louisiana is the only state that requires you to notarize your will. All other states only need the will-writer’s signature and the signatures of at least two witnesses. If you want, you can use a notary to make your will self-proving, but that’s completely optional. You also don’t have to file your will at the courthouse for it to be valid — it’s just an optional step that safeguards your will and starts the probate process more quickly. If you don’t wish to file your will with the court, you can keep it in a safe place — like a safe deposit box or fireproof safe — and let your loved ones know where it’s at. When you pass away, someone (usually your will executor) locates your will and files it with the court to begin the probate process. “It doesn’t matter if I have a will, because no one will follow it.” Busted: Some people believe that, even if they have a will, their families or the court will disregard it and do whatever they please. But if you have a valid will, your lawful wishes must be followed to the greatest extent possible. That’s the law. There are some circumstances when your wishes might not be followed, but these can usually be avoided with proper planning. For example, your will might not be followed if: It’s rejected because it isn’t valid. For example, perhaps you didn’t sign or witness it properly. It can’t be found, or no one knew it existed, so it wasn’t submitted to the court. It conflicts with and is overruled by certain state laws. For example, in some states, your spouse is entitled to a certain share of your property, even if you try to give them less in your will. “I’m too young to need a will.” Busted: It’s never too early to have a will! If you’re older than 18, it’s a good idea to have one, especially if you own property, pets, or have children. None of us can predict the future, and we don’t know how long our lives will be. Having a will can give you the peace of mind that, no matter what happens, you’ve put your affairs in order and protected your loved ones. “I already have a will, so I don’t have to think about it anymore.” Busted: Having a will is a great first step — but it’s only useful to you and your loved ones if you keep it up-to-date. Your circumstances, relationships, and wealth will likely change many times over the course of your life. Estate attorneys recommend updating your will every three to five years, or whenever you have a major life event (like getting married or divorced, moving states, or having children). For example, say you once planned to leave some cash to a young relative, but they’ve since grown up and don’t need financial support anymore. Or maybe there’s a cause that’s grown close to your heart, and you want to add a charity as a beneficiary in your will. By updating your will, you make sure it always reflects your most current wishes. “My debts go away when I die.” Busted: Unfortunately, your debts don’t disappear when you pass away. Instead, they’ll be paid with the funds from your estate. If your estate doesn’t have enough cash to cover your debts, it’s possible some of your assets may be sold for cash to pay back creditors. If you have a will, you can choose which assets you want to be used to pay your debts, and in which order. If you don’t have a will, it’s up to your executor and the court to decide which of your assets to sell to cover your debts. Leaving a Legacy What does leaving a legacy mean to you? It’s been described as “leaving the places you go and the people you meet a little better than you found them.” Isn’t that something we all want? Whether it’s through the family you raise, the gardens you tend, the volunteer work you do, or the financial gifts you make – your legacy is an extension of your love through the hearts you’ve touched. Leaving a gift to RCCF in your will allows you to touch the hearts of your community forever. That’s the advantage of an endowment. And that’s the beauty of paying it forward. It doesn’t have to be complicated, and it doesn’t have to be large, either. It can be a % of your estate or any amount you choose. It just has to be your heart’s desire. Learn more about ways to plan for a legacy gift. Thank you for your consideration. There’s no better time than now to find some peace of mind by planning for the future and protecting what matters most. Like this? Share it:
