Whether you’re 18 or 80, everyone needs a will, no matter how much money you might have. Now is a great time to gain peace of mind by planning for the future.
Top 10 Reasons to Have an Estate Plan (adapted from FreeWill.com)
- Save your loved ones time, money, and stress. Most estates must go through probate, but having a will can streamline the process.
- Determine who will manage your estate. You choose someone you trust who is capable of wrapping up your estate, from closing bank accounts to liquidating assets.
- Decide who gets your assets and property—and who does not. You can name specific beneficiaries for specific assets, and beneficiaries for the “residuary” of your estate (any property that you don’t list). You can also state who will not receive anything from your estate.
- Choose who will take care of your minor children. The surviving spouse will usually get sole custody of any minor children. You can use your will to nominate a guardian in case both parents were to pass.
- Provide a home for your pets. You can designate a trusted friend or family member to act as your pet’s guardian, and leave them funds to provide for your pet’s care.
- Leave instructions for your digital assets. Designate someone to manage or close your online accounts, such as social media, or electronic documents, photos, and more. This person might be the executor of your will, or someone else.
- Lower the potential for family disputes. Don’t leave your family guessing about your final wishes. It almost always can lead to disagreement.
- Support your favorite causes and leave a legacy. You can make a lasting, positive impact on the world even after you’re gone by leaving a part of your estate to a worthy charitable organization like Northwest Maritime.
- Provide funeral instructions. Funeral instructions are not legally binding, but they can lessen the burden on your loved ones by providing guidance for the service and location, resting place, and other details.
- It’s easy to make a will and get peace of mind. Creating your will and updating it as circumstances change is an act of love, and a practical way to provide for the people and causes you care about.
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An attorney is still your best advisor when it comes to estate planning, but here are a couple of resources* to help you get started:
For more information about creating a charitable legacy through your estate plan, contact Len Maranan-Goldstein, Director of Philanthropy & Planned Giving, len@nwmaritime.org or visit nwmaritime.org/legacy-gift/.
*Northwest Maritime does not endorse any particular service nor receive any benefit from these companies. This information is provided for educational purposes only and not intended to provide or be construed as providing legal or tax advice. This information is general in nature and not intended as the primary or sole basis for investment or tax-planning decisions.
Photo by Julian Laffin