Creating a Will can be really intimidating. It’s one of those things that most people know they should have but it just always sits on the “To-Do” list because they don’t want to think about it, they are afraid it’s going to be expensive, or they don’t even know where to begin.
You Want to Decide What Happens to Your Belongings and Your Children Ahead of Time
As Dave Ramsey says, having a will and life insurance is a way for you to tell your family that you love them, even after you have passed away. This is because, when there is a will there is clarity. Everyone knows your wishes for your things and there is no guessing on your family’s part on what you would have wanted done with your belongings.
If you have young children, this is especially important because you want to be the one that decides who will take care of them if you aren’t here to do so. It’s important that you decide that and have a conversation with the person you chose to make sure they are okay with being their caregiver. Also, you might want to share other important information with them including your values, financial situation (life insurance), etc.
Creating a Will Might Be Easier Than You Think
If you have been putting off creating a will because you are not ready to pay a large amount of money to an attorney, you will be happy to hear that there are cheaper options. Dave Ramsey recommends Mama Bear Legal Forms. You can see that on his website, here.
I always describe services such as Mama Bear as a “fill in the blank” form. As in, they will send you a form and there will be blanks where you need to fill in your personal information and they will give you instructions on how to do that.
If you have a more complex situation and would prefer to work with an attorney, know that there are attorneys that have more reasonable prices especially when it comes to wills. It just takes calling a few to find out their rates and/or asking family members or your Financial Advisor who they recommend in the area.
If ultimately, you would prefer to work with an attorney in order to have a more personalized will but do not have the time or money right now, consider creating a will with a service such as Mama Bear and just update it later. This is because it is important to have a will sooner than later!
Have Clarity on What is In Your Will
In the Legacy Journey, Dave Ramsey talks about having a “reading of the will” every year with his family. This is definitely not what is normal, but you know Dave does not want to be “normal”. Too many times, families get into arguments when someone has passed away, either because there was not a will and they can’t agree on a decision or because they are shocked by what was in the will because they didn’t expect it. Once you create your will, if you made a decision to leave someone out of your will or made a choice that might surprise your family, consider having that conversation yourself. This will make it easier on the person that you chose to be the executor of your will, so that they don’t have to be the one to break the news.
Fun fact, August is "National Make a Will Month" so there is still time to get a Will and go into the Fall knowing that you have a plan in place to leave a legacy for your family!
Whitaker-Myers Wealth Managers, LTD is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.