| How to get it right when naming an executor and filling other key roles in your estate plan | | |  | WED, MAR 10, 2021 | | | | For many people, making a will seems like a huge task. Well, it isn't.
While some wills can be complicated, most are simple and straightforward. Making a will can cost less than many people spend on their monthly cable bill. The bottom line: It's something that everyone should have. It's a legal document that lets you decide what happens with your estate after you die.
Yet, almost 66% of all Americans don't have a will. If you're among them, you should know that there are many reasons to have a will. You may think that it's obvious who should inherit your money, or who should take care of your affairs. But when you die without a will, you leave those important decisions up to a local court and your state's laws. You won't have a say in who receives your property and other assets. Plus, not having a will can make it more difficult for your loved ones after you pass.
Here are the top 10 reasons why you do need a will: You decide how your estate will be distributed; you decide who will take care of your minor children; to avoid a lengthy probate process; to minimize estate taxes; you decide who will handle the affairs of your estate; you can disinherit individuals who would otherwise stand to get some of your stuff; to make gifts and donations; to avoid greater legal challenges; you can change it at any time while you're still alive; and, ultimately, you will die. Procrastinating and the unwillingness to accept death is not an answer.
Now, to be fair, here are top 10 most common excuses people use for not having a will: A belief that it's something you "should" do; discomfort with telling strangers personal details of their life; not being ready to make important life decisions; being unaware of the consequences of not having a will; avoidance of family issues; disagreement between spouses or partners about having a will; a belief that it takes too much effort; being unsure where to start; a belief that young people don't need wills; and a belief that only wealthy people need wills.
I have a friend; let's call him Mike. He is married with two kids and nice house … the whole nine yards. His wife asked me to connect them with an advisor to make a will, but Mike refuses. He thinks it's bad luck. He believes he will tempt fate and something bad will happen to him or his family if he makes a will.
Don't be like Mike!
For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. | | The day the growth trade topped | | "One of the myriad ways you can spot a veteran investor amid a crowd of new or inexperienced investors – the veteran doesn't need a reason to explain everything that's happened ..." | | | |
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