Protect Your Family by Preparing a Will

Perhaps now more than ever, writing a Last Will and Testament is a critically important piece of financial planning that can ensure the safety and stability of your home and loved ones.

Preparing a Will can be a very disorienting experience that raises a host of uncomfortable — but necessary — questions: What if today was the day you didn't return home? Would your family know how to access the document-known as a Will-that states how to disseminate your assets? Do you have specific instructions as to who is going to raise your minor children according to your wishes? Or which family member gets the restored Corvette in the garage? If you've never had a Will or you don't have an updated Will, just know that the state will make plans for your assets, and perhaps even your children, as they see fit.

While discussing the possibility of one's demise isn't generally a light and fun topic of discussion, the reality is: a) it's going to happen, someday; and b) assets will be disposed of in some fashion, whether you make the decision or the government makes it for you. You will likely have comfort in knowing that your family will be able to celebrate your life or mourn your loss without having the additional stress of assuming what your intentions were, at one time.

It is important to review your Will periodically, and amend your Will if your marital status changes. In fact, a sound habit to start is to review your Will and the beneficiaries on your retirement accounts and insurance policies whenever you have a new addition to the family, your marital status changes or there is a death in your family.

Not everyone wants to consider their own demise, but if you care who gets guardianship of your children, or who gets your property, or who gets your assets when you die, you probably need a Will. And, it might surprise you; it may not be such a morbid exercise after all. Especially when you realize that you are giving your family a gift that is greater than your assets; you're giving them the ultimate gift of all-peace of mind.