You’ve likely heard how important wills are, but do you really know why? This post examines the reasons this document is so vital. Understanding its importance may spur you into action to protect your family and estate in the future.
3 Reasons to Have a Will
They Make Things Easier for Those You Leave Behind
Do you want a traditional funeral service? Would you want a pet to go to a family member if you were unable to care for them? All of this is to really ask: Does your family know what you’d want if you passed away? If the answer is no or a vague ‘maybe,’ a will can fill this gap in knowledge and take some of the stress off loved ones.
They Ensure Your Wishes Are Followed
You can name an executor within a will. The executor of an estate is tasked with fulfilling your last wishes and managing the affairs of your estate during probate. This is a big responsibility for someone to take on. Choosing someone you trust and who has the time and knowledge to complete their duties will give you peace of mind.
They Protect Loved Ones
It’s important to think about who would assume guardianship over your minor children or dependents. This is a difficult decision, but making it helps your loved ones and dependents avoid unnecessary turbulence after your death. Put the plan in writing and loop in responsible parties.
If you have a common-law partner, your assets will legally pass to next of kin upon your passing – not to your partner. You can remedy this by creating a will and directing the transfer of assets to those of your choosing, including a common-law partner.
Did you know General Electric Credit Union (GECU) members get a complementary legal consultation with an attorney through Wood + Lamping LLP?* Take advantage of this amazing benefit so you can get the ball rolling on your will.
- Checklist for What to Do When a Loved One Passes
- The Ultimate Guide to Estate Planning
- How to Leave Behind the Legacy You Want
- What Is a Living Will and How to Create One
*An initial consultation is at no cost to determine the extent of the work required. If you choose to move forward with that work, special rates just for GECU members may apply.
Legal Services, located in General Electric Credit Union’s Reading Road office, is provided through CUSO Corp. - a credit union service organization wholly owned by General Electric Credit Union. Legal Services provided through the law firm of Wood & Lamping LLP.