Making a Will – 10 Little-Known Facts You Need to Know
According to one study, over 68% of Americans do not have a will. But that is changing. In 2021, young adults are 63% more likely to have a will than they were pre-pandemic.
1. What happens if you pass away without a will?
If you pass away without a will, you and your loved ones will not be in charge of how your assets get distributed.
2. Some assets are distributed regardless of what your will say
This isn't quite as scary as it sounds, but you do need to be aware that some assets are passed on outside of the will, regardless of what you put in writing.
3. You can set up a will for free, but beware of the limitation
If you search online, there are many free or low-cost templates you can download to make a will. But be aware that these forms will not necessarily comply with all the specifics of your state laws.
4. There are other documents you should consider besides just a will to protect you and your family
Making a will is just one part of the estate planning process. There are often other legal documents you will want to have on hand and helpful instructions for your loved ones, especially if you are the one that mostly takes care of the finances.
5. Name guardians for your children
If you are a parent, you will want to make sure you use your will to name guardians for your children.
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