Creating a will is crucial in ensuring your wishes are honored, and your loved ones are cared for after your passing. If you die intestate (without a will), your estate would be distributed according to your state’s law, which may not align with your desires.
“A last will is a legal document that lets you decide what happens with your estate after you die. Yet, according to a recent survey, almost two-thirds of all Americans don’t have a will.” –freewill.com
This quote highlights the importance of a will in making the administration of your estate run smoothly and preventing costly, time-consuming disputes over the distribution of your assets. When you create or update your will, you can look after your loved ones and give them an easy map to follow after you pass, providing peace of mind.
Four Reasons to Have a Will
The importance of a will cannot be understated. What are the top reasons that compel anyone to create a will? Here are four reasons:
- Choosing who gets your assets is a significant benefit of having a will. You can decide who gets what and how much, keeping your assets out of the hands of people you don’t want to have them. By having a will, you streamline the court process, making it easier for your loved ones. As the testator, you can name people as beneficiaries for specific assets and any property you don’t list — the “residuary” of your estate. This flexibility ensures that your wishes are followed precisely.
- Appointing a guardian for your minor children is another crucial reason to have a will. If you don’t have a will, the state will choose a guardian from among your biological family or appoint one themselves. If you’re a parent, you can use your will to nominate a guardian for your minor children. This is especially important if both parents pass away. A guardian will be responsible for all your children’s daily needs, including food, housing, health care, education, and clothing. Without a nominated guardian, a court will have to choose one, which could mean that someone you would not have selected will be raising your kids.
- Naming a caretaker for your pet is also possible with a will. You can leave money to the caretaker to help them care for your pet, ensuring that someone you trust takes care of it after you die. Although the law considers pets property, you can name a beneficiary for your pet, leaving them to a trusted friend or family member and providing funds for their care.
- Protecting your assets from creditors is another advantage of having a will. A will can ensure that your assets are distributed directly to your beneficiaries instead of your estate, shielding them from creditors. Additionally, you can leave instructions for your digital assets, such as online accounts and digital files. In your will, you can name a digital executor to manage these assets after you pass, leaving them to specific people and including instructions on how you want them handled.
A will is a fluid document that can be changed whenever you want, but it is essential to review it every five years. Most states require the original will to be filed with the county clerk and presented to the probate court if probate is necessary.
Support Your Favorite Causes and Leave a Legacy
Many people want to leave a positive impact on the world after they pass, and a great way to do this is to support the charities or causes you love most. When you write a will, you can preserve your legacy by leaving a part of your estate to a charitable organization. This option allows you to invest in your community beyond your lifetime.
Leaving a charitable legacy gift, also known as a planned gift, can benefit you and your loved ones while strengthening our community today and for future generations. A legacy gift is another way to show the importance of a will. Some planned gifts have an impact now, some after your lifetime. Many offer tax savings, and some even provide you with income for life. Your commitment to building a healthy and brighter future for everyone in our community can be your legacy.
A bequest is a gift created now, in your will or living trust, and given at the end of your life. Your gift may be a percentage of your estate, a specific amount, or an asset. A bequest to NVFS is deductible from your taxable estate and can help you reduce or avoid estate taxes.
Who is NVFS?
Northern Virginia Family Service’s (NVFS) breadth, depth, and scope of services offer the resources and support to ensure that everyone in need, at every stage of life, maximizes their potential and fully contributes to a thriving community.
We provide the essential building blocks for financial, emotional, and physical well-being, serving as leaders and innovators for the Northern Virginia community. Every year, we empower more than 30,000+ individuals to achieve self-sufficiency. With these essential resources, our community is better equipped for future success and engagement among all our neighbors.
NVFS serves a diverse community of clients in Northern Virginia, most of whom live in poverty. Our services extend across Arlington County, Fairfax County, Loudoun County, Prince William County, and the City of Alexandria. We are dedicated to ensuring that everyone in our community has the opportunity to lead a fulfilling and prosperous life.