Many people put off the task of making a will. After all, focusing on what happens after you pass away seems bleak. However, not planning ahead potentially creates serious problems for loved ones.
Consider these two serious yet common estate problems that arise due to a lack of will.
1. Confusion about the deceased person’s wishes
No matter how close-knit of a family you have, confusion surrounding your final wishes could create issues. Should you pass away without a will, at the very least, your loved ones will feel confused and stressed, and at worst serious arguments may arise. Creating a will allows you to eliminate the need for arguments and confusion by clearly defining your wishes.
A will lets you specify how valuable assets are split among heirs, but it also serves other practical purposes:
- Lets you make funeral plans
- Allows you to ensure minor children and pets receive care
- Gives you the option of donating to a cause you care about
Each decision made in your will represents one less challenge for your family after you pass away.
2. Extra expenses following a person’s passing
When a person passes away without a will, many decisions may have to happen in court. This gets expensive and time-consuming. Smart planning via a will allows your heirs access to assets in a more streamlined manner. Through smart decision-making, you may even be able to save your loved ones money on taxes.
Creating a will requires some time and effort, but it need not cause stress. You should find that once you commit the necessary time and energy, the process goes smoothly, and the peace of mind you get in return makes it worth it.