When you're young, there are a million things on your mind other than making a will. Worrying about making your paycheck stretch to the end of the month is often more pressing than worrying about your final wishes. However, wills aren't just about money. Here are some reasons why you need a will now.
- Your wishes will be carried out - If you die without a will, you are intestate, and state law, not you, decides who gets what few precious things you have. The State of Texas follows a complex system of succession laws, distributing your estate to people only according to the closeness of their legal relationship to you, not according to those you were emotionally closest to, and you might not like the results. With a will, you can choose an estate executor, or someone who will make sure your estate is handled according to your directions.
- Medical Power of Attorney - If you should become incapacitated, this person can legally make medical decisions for you, such as which doctors and facilities to use and what medications can be prescribed for you. That person is also tasked with carrying out your wishes as to whether to remove life support. Without a medical power of attorney, the court has the authority to make all of these decisions for you through a guardianship.
- Reduce the burden on your family – Losing a loved one is difficult enough, but adding the task of having to deal with the practical matters of closing your estate makes it much more difficult. Without a will naming an executor, your family will have to deal with any probate issues. A will allows them to focus on grieving without having to deal with other matters.
- Children – If you do already have children, a will is your greatest gift to them. If you die without a spouse, it allows you to name a guardian for them. Without a will, the court will make this decision, and it may be someone you didn’t want. It would also allow you to protect any stepchildren or foster children you have. According to the Texas laws of succession, only biological and legally adopted children are considered legal relations, and stepchildren and foster children would be left out of any inheritance. This way, your will determines the inheritance, as well as how and when it will be distributed among all children named.
- The little things – When you think you have nothing worth leaving, look around your home closely. You may find things that would mean a great deal to your family but would otherwise end up on a table at an estate sale. What about your grandmother's cookbook, along with the plates those special dishes were served on? Then there’s the box of well-worn Christmas decorations. Look in the box with the Little League homerun baseball, the Girl Scout sash with seven badges, the souvenir postcard from Bob's Gator World, 1970. A French horn mouthpiece? Your kids, or their kids, should have a chance to see these. Maybe you should leave them to family members who would appreciate them simply for the memories they bring.
- Donations – You don't have to let your electronics slip into a desk drawer or a box in a storage unit. You may donate such items as phones, ipods, and tablets to organizations like Second Wave Recycling, who refurbish them and sell them. The money is then donated to designated charities. Cell Phones for Soldiers takes proceeds from donated cell phones to buy international calling cards for service men and women to contact their loved ones. See that your electronics benefit those who need them.
- Don't forget your pets! - If you don't have any children yet, you may have pets. Many people consider their “fur babies” just as much a part of the family as human children. During that emotional time of taking care of final arrangements, contacting loved ones, and seeing to last minute details, many pets are shuffled between neighbors or family members. With a will, you can choose a trusted friend to be a caretaker for your pets. It's comforting to know your cherished pet won't end up in a the pound with an uncertain future.
Many people won't agree with your feelings about your pets, and some family members may not agree with your decisions concerning stepchildren, foster children, or even close friends. That's why a well-written will is your personal protection. You may believe your estate doesn't amount to much, and it may consist of more sentiment than substance at this point, but wills aren't carved in stone. They should be updated, either when you reach an important milestone, such as marriage or the birth of a child, or the passage of a determined amount of time. Whichever you choose, your life and whatever is a part of it, is important and should be protected by a will.