An important aspect of a solid financial plan is having a valid will. Most people understand that they need a will and have every intention of making a will…someday.

There are two reasons people don’t make wills: a reluctance to face their own mortality, and misconceptions about what will happen to their assets if they die without a will.

It you die intestate (without a will) then the laws of the state in which you reside will determine how your estate is managed following your death.

Most people assume that if they are married, the spouse will inherit everything. If assets are jointly owned, this may be true but having a will can expedite the process and save on taxes and administrative costs. Other situations may arise that you don’t foresee. Your spouse could die also, or remarry and your estate could end up in the hands of a second spouse.

Money isn’t the only reason to have a will. Other property and items may have sentimental value. Having a will allows you to distribute these to whomever you wish. If you die intestate, a court may order the sale of all assets so that the money can be distributed among your nearest relatives. Having a will allows you to name an executor of your choosing. Without a will, the court will appoint one for you.

Some are waiting for big changes or to reach milestones in life (such as buying a house) before they get down to the business of making a will. A will is a document that can be altered when the need arises so the perfect time to make a will is now. Changes in your situation can always be reflected in updates and changes in your will.

Many years ago I worked in deceased estates and I learned then that making a will is one of the best things we can do to ensure peace of mind financially. It’s probably the last thing we think of when we’re young but having a will establishes clearly what our wishes will be in the event of an accident that incapacitates us or brings down the curtain (you became quite good at euphemisms in the trade). Apart from that, writing a will does turn our thoughts to the future and makes us consider carefully what we would like to happen.

It’s not just about money - it’s about your loved ones too. A will makes clear provisions and can prevent relatives from having to go to court to establish rights. Do them a favor - make a will.

Kiplinger dot com has a good article that explains the basics. It’s well worth a read.