Writing your will is ‘not just a question about finances,’ expert says. Here’s why it’s a crucial task

Despite the importance of writing a will, only about one-third of people have one.

Procrastination is a significant reason for not having a will, with 44% of those without one citing it as the primary obstacle.

If you pass away without a will, your assets will be distributed according to your state’s intestacy laws.

These laws may not align with your wishes or create additional challenges for your loved ones.

While completing a will can be a daunting task, it is crucial for several reasons.

It ensures that your specific preferences are followed, streamlines the inheritance process, and protects your loved ones from legal disputes or financial burdens.

Having a will provides a clear and unambiguous document that outlines your wishes regarding your assets and the distribution of your estate.

Creating a will is especially important if you have minor children, own a home or other valuable property, or have specific wishes regarding the disposition of your assets.

By addressing these matters in a will, you can avoid potential legal complications and ensure that your wishes are carried out as you intended.

To simplify the process, consider writing your will when applying for a mortgage.

At this time, you are typically completing forms, reviewing your assets, and engaging in the necessary steps to settle your mortgage.

Experts recommend this as an opportune moment to create a will while you are already gathering and reviewing relevant information.

Remember that a will is not solely for the wealthy.

It is essential for individuals of all income levels to establish an estate plan to protect themselves and their loved ones in case of an unexpected event.

By having a will in place, you can provide peace of mind for yourself and your family and ensure that your wishes are respected after your passing.