Importance of Preparing a Will

In light of the recent global pandemic, preparing a will in 2021 has been at the top of many to-do lists. We are more aware than ever that one of the most important decisions we can make is to create a will and trust that outlines our final wishes. This can be difficult, but it’s worth it to know that your family and friends are taken care of in the case of an unexpected event. There are many misconceptions about wills – some people think they’re only useful for the wealthy or celebrities. Although this may be true in some cases, without a will you risk everything being left to someone else’s discretion rather than yours.

The preparation of a will isn’t an “anyone can do it project” because there are so many legal aspects to consider that are involved with property rights, taxes, and assets. When it comes down to your inheritance, if you want peace of mind knowing everything is taken care of, then make sure you consult legal counsel about creating a will. Many of the best insurance agencies offer will preparation services along with financial counseling to ensure you have the best life insurance plans, long term care insurance, and any other unique insurance needs you may have to set your future (and that of your loved ones) up for success! After all, it’s crucial to protect your assets and ensure financial restitution for any unexpected events so that you have something left to give your family.

Will Preparation Tips 2021

The benefits of making a will with a professional is that you’ll have peace of mind knowing that everything is accounted for. Before you meet with your financial advisor or legal counsel, you’ll want to take a few steps that will make the process of preparing a will easier.

1. Formulate a plan for a will with your insurance provider or with the Nowell Agency. To best protect your future and assets, you may want to consider investing in a life insurance policy, long term care insurance, guaranteed income for life, and estate planning services.
2. Set up a life insurance trust. The purpose of this trust is to protect your life insurance proceeds from hefty taxation by the IRS (which occurs if your life insurance is included in your estate rather than dispensed through a trust).
3. Create an inventory of your assets, including your investments, retirement savings, insurance policies, real estate and business interests.
4. Prepare a list of beneficiaries with designations as to who gets what. Be as specific as possible with both the person’s full name and their relationship to you, as well as the items they will receive. Also, name an executor to carry out your wishes.
5. Ensure that the beneficiaries listed in your will also match the beneficiaries you name on your insurance policy, 401(k), and any other retirement accounts.
6. Meet with your will preparation professional and make it all official!
7. Update your will if any major life changes occur or every few years to be sure it’s current and iron-clad!

Do I Need a Will or Trust?

You really don’t want your family to find out how an estate is settled if there is no will! It’s a stressful, emotional, and time-consuming situation during an already difficult time. Instead, reap the benefits of preparing a will and protect your loved ones with comprehensive financial planning services from the experts at Nowell Agency. We’ll help you with everything you need to know about the future, from A to Z, and leave you (and your loved ones) with priceless peace of mind!