Overcoming Personal and Legal Challenges

Overcoming Personal and Legal Challenges

  1. Home
  2.  » 
  3. Wills & Probate
  4.  » Why non-parents still need wills

Why non-parents still need wills

While many people associate wills with parents and guardians, it is also important for people without children to have a will in place. Regardless of parental status, having a will ensures that one’s assets and final wishes come to fruition.

Understanding why non-parents need wills is important for planning their estate and securing their legacy.

Directing asset distribution

A will allows people to specify where they want their assets to go upon their passing. Without a will, state laws determine asset distribution. These laws may not always align with the individual’s preferences. By creating wills, non-parents can ensure that their belongings undergo distribution according to their wishes.

Naming beneficiaries and executors

In addition to asset distribution, wills enable people to designate beneficiaries and executors of their estate. Beneficiaries are individuals or entities who will receive assets from the estate. Executors, meanwhile, are responsible for managing the estate’s affairs. Naming beneficiaries and executors in a will provides clarity and guidance for handling an estate after death.

Expressing final wishes

A will allows people to express their final wishes regarding funeral arrangements, charitable donations and other personal matters. By including these instructions in a will, individuals can guide loved ones during a difficult time.

Having a will enables people to secure their legacies and ensure that their final wishes come to fruition. However, AARP notes that only about 33% of Americans have one. Regardless of parental status, creating a will is a proactive step toward effective estate planning. It also plays an important part in securing and protecting one’s financial and personal legacy.