If you do not have a will yet, you are not alone. A recent survey shows that 60% of adults in the U.S. lack a will or any estate planning documents. Why is this?
You may not have a will yet because you believe you can wait until you are older. Maybe you even think that it is an unnecessary document altogether. But here are some reasons why you should create a will as soon as possible.
Decide who gets what
If you do not have a will in place before you die, it is up to the state government to decide who receives your assets. Pennsylvania laws prioritize the following people:
- Siblings, then nieces and nephews
- Grandparents, then aunts and uncles
Your assets will go to the Commonwealth of Pennsylvania if none of these people survive you. In any case, it is not ideal to have the government determining what happens to your estate. With a will, you can control what happens to your wealth and belongings.
Choose who manages your estate
If you pass away without a will, the government will oversee the management and distribution of your assets. But when you create a will, you get to appoint a trustworthy person to carry out these duties. By creating a will, you get a direct say in who protects your property, pays taxes and debts and disperses assets to your beneficiaries.
Reduce family confusion
Dying without a will can leave your heirs with a lot more questions than answers. People may wonder if the way the government is distributing your estate is in line with your desires. You can make your wishes loud and clear by creating this essential estate planning document.
Peace of mind
The bottom line is that having a will in place makes you feel more at ease. You get to have confidence that your wishes are legally binding.