3 Big Reasons Why You Need a Will
More than two-thirds of American adults don’t have a will.* You wouldn’t think about driving to work without wearing your seat belt. So why would you risk leaving those you love unprotected by skipping this important document?
If you pass away without a will, consider how these important people in your life will be impacted:
- Your spouse might have to share your estate with other relatives. The laws of the state where you live determine how much of your estate goes to your spouse. Some states give your spouse one-third of your estate, with your children sharing the rest. In certain states, your parents, siblings and other relatives could get a cut-whether you want them to or not.
- Your children could get equal shares. At first glance, this might not seem like a problem. However, perhaps one child has played a greater role in your caregiving or you gave one child assistance during a financially difficult time. Do you intend to even things out by leaving your children different shares of your estate? Without a will, the state won’t take this into consideration.
- Your favorite charities will receive nothing. You likely have charitable causes, such as the University of Louisville, that are important to you. When you create a will, you can include a gift that supports our future. If you pass away without a will, no state has laws that allow your estate to make charitable gifts.
Already have a will? Excellent! But you’re not off the hook. Your will reflects the time when it was created, and depending on when that was, your life might look quite different. Here are a few situations that should trigger an update to your will:
- There’s been a marriage, divorce, birth, adoption or death in your family.
- You’ve moved to another state.
- Your estate has increased in size.
Don’t Leave Your Loved Ones Unprotected
Creating a will that protects the important people in your life is an act of love. So stop putting off this important task. We’re here to help you start the process-just contact James P. Eriksen, J.D. at (502) 852-6954 or firstname.lastname@example.org today.
*2016 NMI Healthy Aging Database® Study
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.