We’ve all heard the horror stories before of inhouse feuding and family division after the death of a loved one, usually a parent or similar figure. Sibling rivalry, parents and their children, extended family members, all believing that they’ve somehow been unfairly considered or overlooked in the distribution of their loved one’s assets. Not only is this situation terribly unfortunate, it is also completely unnecessary. If you are someone with property and/or possessions, it is important that you make clear your wishes for each item in the event of your death.
A Will is a great way to make your wishes known regarding certain property and assets. When you assign a beneficiary to receive designated items, you are removing doubt or confusion about who should receive what. You can also easily update your will as often as you would like should any circumstances change along the way. Although some items are excluded from a will, such as a 401k, life insurance policy, and property listed in a trust, there are numerous other things to consider when writing your will. Some of those things include assigning a new caretaker for your pets, guardian(s) for your children, charitable donations, personal property, and much more.
As you can imagine or may have already experienced, the death of a loved one can be a stressful and overwhelming time for those left behind. There is so much to figure out, get in order, and process. Understandably, there may also be several family members who naturally have a desire to inherit certain possessions of the deceased. Sometimes, there is disagreement and division between family members, but this can all be avoided with a will in place.
Drafting a will is a simple process that is well worth your time. You may wish to disclose your desires to your loved ones before the time comes by designating and assigning beneficiaries and executors in your will. By doing this, you are removing any lingering doubt about how your possessions should be divided. A beneficiary is the named recipient of your gifts. An executor is a trusted person whom you will assign to serve as the administrator of your will.
Many of us have acquired a sizable number of possessions and may not be too concerned with much of it. If you want to create peace of mind about those things that you and your family consider sentimental or important, setting up a will is a great way to do that. It is always better when the focus of a loss can be on the love between a family and honoring the wishes of the departed. You can take steps to help make this possible when you create your will. It is an opportunity to express your last and final wishes before it’s too late.