5 Reasons to Start Writing Your Will—and Tips for Protecting Your Family’s Future
Protect your family — before it’s too late.
Where there’s a will, there’s a way—to a more secure future for the people you love.
Estate planning is one of those things that many people know they should do but continually put off. It can be uncomfortable to think about what happens after you are gone, we get it. Furthermore, it can be difficult to know where to begin.
But creating a will or trust is about planning for the people and things that matter most to you.
A thoughtful estate plan can provide clarity for your loved ones, protect your assets, and help ensure your wishes are followed.
If you've been putting off writing your will or creating an estate plan, here are five reasons to start—and five things to keep in mind along the way.
1. A Will Lets You Decide What Happens to Your Assets
One of the most important reasons to create a will is simple: you get to make the decisions.
A will allows you to identify who you want to receive your property and assets after your death. Without a valid will, the distribution of your estate may be determined by state law rather than by your personal wishes.
Your estate may include much more than you realize, including:
Your home or other real estate
Bank and investment accounts
Personal property
Business interests
Vehicles
Jewelry and other valuables
Certain digital assets
Creating a will gives you the opportunity to clearly communicate how you want your assets handled.
Tip: Make a list before you start.
Before meeting with an attorney, make a basic inventory of your assets and financial accounts. You don't need to have everything perfectly organized. Simply creating a starting point can make the estate-planning process much easier.
2. A Will Can Help Protect Your Children and Family
For parents, estate planning takes on an even greater importance.
A will can allow you to designate a guardian for your minor children in the event that something happens to you. While a court ultimately determines guardianship according to applicable law, expressing your wishes in a properly prepared estate plan can provide important guidance.
You can also use estate-planning tools to establish how assets intended for children or other beneficiaries should be managed.
Tip: Think beyond "Who gets what?"
Estate planning isn't just about dividing property. Consider who you trust to care for your children, who you would want managing their financial interests, and what you would want their future to look like.
These conversations can be difficult—but having them now can prevent your loved ones from having to make these decisions without your guidance later.
3. Consider Whether a Trust Makes Sense for You
A will is an important part of many estate plans, but it isn't necessarily the only tool available.
Depending on your circumstances, a trust may provide additional flexibility and control over how your assets are managed and distributed.
Trusts can be useful for a variety of situations, including:
Providing for children or other beneficiaries
Managing assets over time
Establishing conditions for distributions
Planning for incapacity
Protecting certain assets
Potentially avoiding or simplifying portions of the probate process
There are many different types of trusts, and the right choice depends on your individual circumstances and goals.
Tip: Don't create a trust simply because someone else has one.
Estate planning is not one-size-fits-all. A trust that makes sense for one family may be unnecessary—or inappropriate—for another.
An experienced estate-planning attorney can help you understand whether a trust fits into your overall plan and explain the advantages and limitations of different options.
4. Don't Forget About Powers of Attorney
A comprehensive estate plan should consider more than what happens after death.
What happens if you are alive but temporarily or permanently unable to make financial or medical decisions for yourself?
A power of attorney can allow you to designate someone you trust to act on your behalf in certain circumstances.
Depending on the document and applicable law, this may include authority over financial matters, property, business affairs, or other important decisions.
Health care planning can also allow you to communicate your wishes regarding medical decisions and identify the person you want involved in making decisions if you cannot communicate for yourself.
Tip: Choose someone you trust completely.
The person you designate to make financial or health care decisions may have significant responsibilities. Choose someone who understands your wishes, is responsible, and can act in your best interests.
And remember: life changes. The person you choose today may not be the right person five, ten, or twenty years from now.
5. Review Your Estate Plan as Your Life Changes
Creating a will or trust is not necessarily a "set it and forget it" decision.
Your estate plan should evolve as your life evolves.
Marriage, divorce, the birth or adoption of a child, the death of a beneficiary, the purchase or sale of significant property, changes to a business, or major changes in your financial circumstances can all be reasons to revisit your estate plan.
Tip: Schedule regular estate-plan checkups.
Even if nothing major has changed, periodically reviewing your estate plan can help ensure that your documents still reflect your wishes.
A document that was appropriate ten years ago may no longer accomplish what you want today.
The Most Important Step? Start.
Estate planning can seem overwhelming when you look at everything at once. You don't need to have every decision figured out before you begin.
Start with the basics:
Who do you want to protect?
What do you own?
Who do you trust to make decisions for you?
What do you want to happen to your assets?
From there, an experienced attorney can help you identify the documents and strategies that make sense for your circumstances.
Why Work With Lamun Mock Cunnyngham & Davis?
At Lamun Mock Cunnyngham & Davis, P.C., we understand that estate planning is about more than documents. It's about people, families, assets, and the future.
Our attorneys work with clients to develop estate-planning strategies designed around their individual circumstances and goals. Whether you are creating your first will, considering a trust, updating an existing estate plan, or preparing powers of attorney, we can help you understand your options and make informed decisions.
Our goal is to give you greater confidence that your wishes are clearly documented and that your loved ones have a plan to follow.
Don't Leave Your Family Guessing
None of us can predict what the future will bring. But you can take steps today to make sure the people you care about aren't left guessing about what you would have wanted.
A will, trust, and comprehensive estate plan can provide your family with something incredibly valuable: clarity.
Don't wait for the "perfect" time to start planning.
Contact Lamun Mock Cunnyngham & Davis, P.C. today to discuss your will, trust, or estate-planning needs and take the first step toward protecting your family's future.
This article is provided for general informational purposes and should not be considered legal advice. Estate-planning needs vary based on individual circumstances, and you should consult with an attorney regarding your specific situation.