This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing three key reasons why you should have a will:
A 2021 Gallup poll found that only 46% of U.S. adults have a will — similar to the results of other Gallup polls over the last 30 years. It’s not surprising that older people are more likely to have a will, as are people with higher incomes. Regardless of age or income, having a will is an essential step to pass your assets to your heirs with clarity and confidence.
A will enables you to leave your property at your death to anyone you choose: a surviving spouse, a child, other relatives, friends, a trust, or a charity. Transfers through your will take the form of specific bequests (e.g., heirlooms, jewelry, furniture, or cash), general bequests (e.g., a percentage of your property), or a residuary bequest of what’s left after your other transfers. It is generally a good practice to name backup (secondary) beneficiaries.
There are some limits on how you can distribute property using a will. For instance, your spouse may have certain rights with respect to your property, regardless of the provisions in your will. Also, assets for which you have already…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 24 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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