Why a Will Matters in Personal Finance
With a fortune reported at $300 million, you would think the late great Prince would have thought to leave a will, outlining who gets what from his estate. Unfortunately, he didn’t, leaving his surviving relatives scrambling over it.
He did leave an appointed administrator, who has to forcibly drill open his vault of music because he brought the passcode to his grave. This only shows that dying without a will can prove troublesome. Good thing he doesn’t have children, or the situation could have been worse.
But why do people skip having a will made? In a PwC survey, 73% of Hispanics don’t have a will, 68% Blacks and 30% people with wealth over $500,000. It doesn’t really matter if they have that much wealth to leave behind or not, a will doesn’t seem to have any importance.
When you have children, however, you should not follow suit. It is vital that you name guardians for your children, especially minor ones, in the event of your death. Otherwise, they would be passed from one relative to another or, worse, sent into the system.
Besides, a will serves more than just a legal document.
It shows you care about the stuff you leave behind
With a will, you can name an executor who will take care of your art collection, jewelry or antique pottery. Anything that is valuable to you doesn’t have to fall into the wrong hands, if you make a will.
It opens opportunity to support a good cause
Are there charities or organizations you want to support? If you can’t do it now, you can do so after your death. You can allocate part of your estate to causes that you strongly believe in.
It is inexpensive to have a will made
It doesn’t cost much to write a will. You can even do it online. Just make sure there is a witness when you sign it, and that it is duly notarized.