Top Ten Reasons to Have a Will

Planning ahead is one of the most thoughtful things you can do for your family. That’s why Tulip has partnered with Trust & Will to help you easily take this important step – while also saving you money. When you make your end-of-life arrangements in advance, you can save 10% on estate planning services through Trust & Will.

If you haven’t created a Will, now is the time to do so. A Will ensures your wishes are followed and your loved ones are cared for after your passing. Here are the top ten reasons why having a Will is essential:

1. Name Guardians for Your Children

If you have minor children, a Will allows you to designate a legal guardian to care for them. Without a Will, the court will make this decision, often giving custody to the closest living relative – even if that’s not your first choice.

2. Decide Your Funeral Plans

A Will lets you document your funeral preferences, from the type of memorial service to your choice of burial or cremation (or something else). Without this guidance, the burden falls on your loved ones, who may not know what you would have wanted.

3. Manage How Your Belongings Will Be Distributed

Your Will ensures that your possessions, from real estate to sentimental heirlooms, are distributed as you wish. Without one, the state determines who inherits your assets, which may not align with your wishes.

4. Minimize Overall Estate Taxes

Strategic estate planning can help reduce the amount of taxes owed after your passing. This means more of your assets go to your loved ones and charitable causes rather than to taxes.

5. Reduce Time in Probate Court

Probate can be a long and expensive process, but having a valid Will in place can streamline the legal proceedings and ensure your estate is settled more efficiently. Without a Will, the court decides how assets are distributed, which can cause delays and disputes and put strain on your family.

6. Include Digital Information for Family Members

In today’s digital world, it’s important to list key account details in your Will, including passwords to email, social media, and cloud storage. This makes it easier for your loved ones to access or close accounts as needed.

7. Determine Where Pets Will Live

Your pets are family, too. A Will allows you to name a caregiver for your pets and even set aside funds for their ongoing care.

8. Leave Money or Assets to Charity

If you want to support a cause you care about, a Will lets you leave a portion of your estate to charity. Not only does this create a lasting impact, but it can also help reduce estate taxes.

9. Establish a Healthcare Directive

A Will allows you to document your end-of-life medical wishes, ensuring your loved ones and healthcare providers follow your preferences if you become unable to make decisions yourself. To ensure you have the medical care you want (or don’t want), create a healthcare directive that can be part of your estate plan. 

10. Protect Your Business or Assets

If you own a business, a Will ensures a smooth transition of ownership and prevents legal complications. You can designate successors or outline how assets should be handled to avoid disputes.

What’s the Difference Between a Will and a Trust?

A Will and a Trust serve different but complementary roles in estate planning.

• A Will is a legal document that outlines how your assets should be distributed after your death. It also allows you to name guardians for minor children and express your funeral wishes.
• A Trust is a legal entity that holds and distributes assets based on your instructions. Trusts can help you avoid probate, provide privacy, and allow for greater control over how assets are managed and distributed.

Some people choose to have both a Will and a Trust for comprehensive estate planning. Whether you one or both, make sure your family members or trusted friends know the location of your Will. You can give copies of it or put it in a known location for easy access. 

Get Started Today and Save

Creating a Will is one of the most important steps to protect your loved ones. Thanks to our partnership with Trust & Will, you can start this process today with a 10% discount.

Don’t leave your family with uncertainty. Take control of your legacy today. Click here to start your will with Trust & Will.