Why Every Adult Needs a Will: The Key Benefits of Estate Planning Documents

Introduction

Estate planning is often overlooked, but it’s one of the most important steps to take to protect both your loved ones and your legacy. Whether you're young or old, wealthy or just starting out, having a will and other estate planning documents in place can help to provide reassurance and reduce stress on your family.

1. The Core Benefits of Having a Will

- Control Over Asset Distribution: Decide exactly who inherits what, rather than leaving it up to state laws.

- Appoint Guardians for Minor Children: Ensure your children are cared for by someone you trust.

- Avoid Family Disputes: Clear instructions reduce the risk of conflict among heirs.

- Expedite the Probate Process: A valid will can streamline legal proceedings.

- Minimize Legal Costs: Prevent costly court disputes and reduce administrative expenses.

2. Other Essential Estate Planning Documents

- Durable Power of Attorney: Appoints someone to manage your financial affairs should you become incapacitated.

- Healthcare Power of Attorney: Designates someone to make medical decisions on your behalf.

- Living Will (Advance Directive): Outlines your wishes for end-of-life care.

- Revocable Living Trust: Helps avoid probate and provides you more privacy and control over asset distribution.

- Special Needs Trust (SNT): Designed to provide for a loved one with disabilities without jeopardizing their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). An SNT ensures that funds are used to enhance the beneficiary’s quality of life—covering expenses such as education, recreation, and personal care—while preserving access to essential public assistance programs.

3. What Happens If You Die Without a Will?

When a person dies without a will, they are said to have died intestate. In this case, state laws determine how assets are distributed, which can lead to outcomes that may not reflect the deceased’s true wishes.

Here’s what typically happens:

- State Law Takes Over: Each state has its own intestacy laws, which usually prioritize spouses, children, and other close relatives. If no relatives are located, the estate assets may even go to the state.

- No Control Over Guardianship: If you have minor children and no will, the court decides and appoints a guardian—potentially someone you would not have chosen.

- Delays and Higher Costs: The probate process can become more complicated and time-consuming without a will, leading to increased legal fees and delays in asset distribution.

- Family Disputes: Without clear instructions, disagreements among surviving family members are more likely, which can lead to emotional and financial strain.

- Estate May Go to the State: If no eligible heirs are found, your estate could ultimately be claimed by the government.

4. Confidence for You and Your Loved Ones

- Reduces Stress During Difficult Times: Your family won’t have to guess your wishes.

- Protects Vulnerable Beneficiaries: Special provisions can be made for minors, individuals with disabilities, or financially irresponsible heirs.

- Keeps Your Legacy Intact: You can support causes or charities that matter to you.

5. When and How to Update Your Estate Plan

- Life Events That Trigger Updates: Marriage, divorce, birth of a child, major financial changes, etc.

- Regular Reviews: Revisit your documents every 3–5 years or after any significant life changes.

Conclusion

Estate planning is not just for the wealthy—it is for those who wish to ensure their desires are honored and their loved ones protected. Taking the time to create a will specific to your needs, as well as other key documents, is a gift to your family helping safeguard your future and theirs.

Your Next Step…

ClearPlan Wealth Management (CPWM) is a full-service financial services company based in Hunt Valley, Maryland. Serving affluent clients for more than 25 years, our process-based approach to wealth management offers proactive guidance for all client financial matters. Affiliated with Raymond James Financial Services, CPWM offers you all the capabilities of a Fortune 500 company, delivered through the personal relationships of our team. In our drive to be known as a “connector of professionals”, CPWM strives to exceed your expectations by providing a stellar, all-encompassing client experience - from seasoned business entrepreneurs to new investors.

While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. This content was created with the assistance of artificial intelligence (AI). While efforts have been made to ensure the quality and reliability of the content, it is important to note that AI-generated content may not always reflect the most current developments or nuanced human perspectives.