It’s common for young families to put off estate and will planning for several reasons. Perhaps they feel they have “plenty of time” because they are young and healthy. They feel thinking about death is too depressing. Or maybe it’s just a simple fact that they don’t think they have enough assets to warrant a will.
In any case, we believe wills and estate planning are imperative for your family—no matter your age or financial status. We hope we can help demystify some of the preconceived notions around wills and estate planning surrounding these common reasons for avoiding them altogether.
Myth #1: “I’m too young and healthy to think about a will.”
To put it bluntly, we all die, and that includes young people too. Did you know that 2,800 women become widowed EVERY DAY in the United States? Although the typical age of a widow is 60 and over, one-third of widows in the U.S. are much younger, many of them having children under 18.
Many moms aren’t prepared for their spouse’s death and face critical financial strain and stressors in these cases. While we can’t prevent a young spouse’s death, we CAN prevent unnecessary stressful issues in the aftermath.
We know it’s hard to think about all this while you are still young. Still, careful thought and planning of your family’s financial and mental well-being in the case of a death can give you and your spouse peace of mind in a worst-case scenario.
While we certainly wish your family will not have to face this devastating scenario, we’ve created a simple check-list of imperative to-dos for widowed moms after their spouse’s death.
Resource Guide: Mom-To-Mom Toolkit
Myth #2: “I don’t need estate planning or a will because I don’t have enough assets yet.”
It’s time to change your perspective on what a will is and is not. While many think a will is only for “the rich with lots of property,” actually, a will is so much more than just about money and material possessions. Think of a will as a gift, not for you, but for your family and loved ones.
Think of your will as the guidebook you’re leaving behind when you die. Without the guidebook, your family will have to blindly decide what to do with your assets and possessions–even if it’s as simple as a savings account or vehicle. Best intentions aside, the absence of a will can lead to arguments and even drawn-out, expensive legal battles.
It gets even more complicated if you have children under the age of 18 and you OR the other parent dies but doesn’t have a will. The courts or state will have to decide who will be the guardian of your children–and you may disapprove of that decision. The well-being of your children is a top priority for any parent, so with that thought in mind, parents of any income bracket MUST have a will.
Look, we get it, moms today are busy juggling it all, and the thought of starting a will or estate plan might seem a bit overwhelming.
If that’s the case, check out Wills and Wellness’ educational video series: On-Demand Video Guides
Ready to protect and secure your family’s future? Please book an appointment today with one of our knowledgeable and experienced estate planners: BOOK NOW