In the United States, there are certain processes the American people need to go through and complete in order to be on the proper path for their lives. These processes can be, and most of the time are, considered laws. For example, in many states throughout America, people obey federal income tax law. Aside from federal income tax law, which is utilized so the government can fund things like: public transportation in cities, education programs, and disaster relief when there is a hurricane, just to name a few; there are other processes such as wills.
While many individuals follow the federal income tax law, as they allow a portion of their income to be taken out of their paycheck for the government, not all individuals have a will. However, if you are an American and you are under 40 and don’t have a will, you should begin writing a living will. Here are the importance and benefits of a will.
Writing A Will: The Benefits And Importance
To begin, many assume that a lot of individuals have wills. However, 51% of Americans from the ages of 55 to 64 don’t have wills, and 64% of the public doesn’t have a will. So, unlike the federal income tax law where almost, if not all, people participate, not all people participate in creating either a living will or a last will. But, this should change. It should change because you will find many benefits once you have a will, like you and the country receives benefits from a federal income tax law.
It is important to note that a will lawyer can help you formulate and finalize your will. Therefore, you are not completing the process on your own; you have assistance. This provides you with safety as your personal information and belongings enter your will.
Property: If you have property, whether small or large, this property does not have to go in the wrong hands once you are no longer here. After all, your property understandably means a lot to you, so you would want the proper individuals to own it and take care of it. This property can possibly be small possessions such as jewelry and common materials, or property such as an estate. Many individuals leave this property with family members, spouses, children, or close friends. However, in order to do so, you must have a will.
Therefore, much like federal income tax law has benefits, this is the first benefit to creating, and having a will.
Cost: Some individuals assume that a will is very costly. After all, you have to hire a lawyer for legal services. Additionally, it is important to note that there are various lawyers for different processes in this field. For example, there are real estate lawyers, an estate planning attorney, and much more. But, although you need a lawyer to assist you with a will, it is not expensive. Depending on what you need, how your finances are, and your family structure, creating a will can be affordable for you.
This is also beneficial because you do not have to worry about spending a lot of your assets on creating a will. The cost is the second benefit of having a will, just like there are benefits of the federal income tax law.
Changes: Your will is not set in stone, as many believe. When you create a will at a younger age, you can change it at any time. Many people will have to, because life changes constantly. This is certainly a benefit of creating a will. Whenever you need to change it to adhere to your life, future, and desires you can.
It’s Personal: A will is essentially very personal. You can place all of your personal desires in your will. This can include, but is not limited to, how you would like to be buried, who you would like to have your materials and or money, and what should be done with your pets if you have any. This is a benefit to having a will, because all of your personal substances will taken care of properly when you’re not here.