If There’s a Will, There’s a Way

Have you taken time to create a will yet? If not, it’s smart to make it a priority now. But don’t worry, you’re not alone. Only 32% of Americans have a will according to Caring.com, a 6% decline from 2023. Most people feel like they don’t need a will because they don’t have enough assets or money. In fact, regardless of level of wealth, it’s important to have a plan.

Contrary to popular belief, creating a will doesn’t have to be expensive. And the peace of mind it brings — knowing your wishes will be carried out as intended and your loved ones will be taken care of — is invaluable. It’s relatively easy too and doesn’t take long. With all of life’s uncertainties, having a will in place ensures your affairs are in order.

Here’s another important point to consider: without a will, government statutes may dictate how your assets are distributed; in other words, who receives your wealth and how much. Naming your executor is important because if you don’t, the state will assign somebody for you. That person may not understand the dynamics of your family, and that can potentially lead to family disputes and costly legal battles. There are many good reasons to craft a will and never a bad time to do it.

Make sure your wishes are honored

You worked hard to accumulate your wealth, so why not make sure it’s distributed in a way you’d like? A will allows you to specify who receives what, whether it’s family members, charities, or friends. It’s a great way to take charge of your legacy so you don’t have to worry about it later. Again, that can be very helpful in avoiding potential conflicts among your loved ones.

As a bank, we can ask you the important questions that can help clarify your goals. After you’ve determined what’s most important to you, First Financial Bank can provide guidance on key provisions, and facilitate the process to make sure your wishes are accurately documented.

Prepare for the unavoidable

Death is an inevitable part of life, and having a well-crafted will in place eases the burden on your survivors during a difficult time. By removing stress and potential family contention, your family can focus on grieving and healing.

As you might imagine, the longer you wait to create a will, the harder it becomes. You may forget about an asset or lose important paperwork. By planning early, the process is simpler and you can ensure your intentions are clear. Additionally, having well-crafted documents in place eases the burden on those you leave behind.

Key considerations

There are two critical questions to ask yourself as you craft your will: who do you want to be in charge of the process and where do you want your wealth to go? Carefully selecting an executor who shares your values and understands your wishes is crucial to avoiding family drama and legal complications.

Likewise, specifying beneficiaries and considering the division of assets, including real estate and sentimental items, ensures your legacy is distributed according to your desires. By selecting a responsible executor and reviewing beneficiary designations regularly, you can minimize the risk of disputes and ensure your wishes are upheld.

A will should be a vital part of your financial planning. By addressing the crucial factors mentioned here and getting help from professionals like Yellow Cardinal Advisory Group, you can ensure your legacy is preserved and your loved ones are provided for according to your wishes.​