It’s always a good idea to have a will, regardless of your situation (financial, medical, etc.). In fact, I’d say it’s imperative to have a will because it’s the set of instructions or directions you’re leaving for the courts for how to deal with all your ‘stuff’.
Without a legally binding identifier that indicates where your assets are supposed to go after you pass, you risk…
- the state claiming it
- your surviving family fight over it
Generally speaking, the beneficiary listed on your accounts will trump who’s listed in your will. This is true for assets like trust assets, life insurance policies, annuities, and retirement accounts.
You’ll also want to avoid putting life support decisions and funeral plans into your last will. This information may be better suited to a “living will”. Living wills and other advance directives describe your treatment preferences in end-of-life situations when you can’t speak for yourself. After all, your will may not be examined until weeks after the funeral.
Planning out what you put on your will and how to go about the division of your assets can be a challenging thing to do. Most people don’t like to talk about these things, but it’s necessary to do so. Sometimes, a ‘sounding board’ can provide an objective view for your decisions. Protecting your money and assets is what we are good at. If you’d like a hand with your estate planning, we’re here to help.