No one has the intention on leaving debt and legal hassles to their loved ones should anything happen. However, this scenario arises on a daily basis causing hardships that can strain the family for generations. One of the common struggles in marriages with couples aged 45-60 are the issues left behind from parents who failed to provide a will.
Suze Orman, known for profound financial advice states that,
“If a revocable living trust protects your major assets from probate, a will is where you carefully specify how you want your non-investment possessions to be disbursed. Your great-grandma’s wedding ring, the heirloom armoire, that cherished first-edition book collection—all of it should be itemized in a will. Do your family a huge favor by being as detailed as possible. Even if your children love each other to pieces now, arguments can easily arise if you don’t have everything spelled out. If your children are older, consider asking them to share what would mean the most to them.”
If for no other reason, you need a will to name an executor (or executrix).
This is the person responsible for handling your affairs after you pass on.
If you do not have a will, the probate court will appoint one. Anyone with good reason can petition the court to be appointed, so in my opinion, there is no reason to leave this in question.
The executor or court appointed administrator performs many important functions, including gathering all of the assets of the estate, paying any debts or taxes owed by the deceased, and distributing the remaining property to the named beneficiaries.-Forbes
It really boils down to having a peace of mind which is exactly what this document should be called…”A Peace of Mind.”
Think of your life’s work and everything that you have put so much devotion into as living beyond yourself.
Take charge and allow your family to inherit not just material things from you but admiration and pride of one who completed their life in excellence to the very end….Where there’s a Will.