Episode 27: The Importance of a Will

KEY TAKEAWAYS:

  • A living will, or last will and testament is so important because it’s a legally binding plan for your money and assets after you’re gone. You can assign whomever you’d like to receive these benefits.
  • The two most common ways to get a will is by hiring a lawyer to draft and review one with you, or to use an online company to generate one on your behalf based on specific questions you have to answer from them. With either option, you need to get the will notarized to make it official.
  • If your will is not notarized before your death, your estate could go into probate, which is a court supervised process of locating and determining the value of all your assets before anyone you designate would be awarded anything.
  • Estate taxes and payments could be paid before an award is made in case you owe any amount in tax or end of life care that is not already taken care of by other means.
  • Creating a will seems troublesome because none of us want to think about the end of our time, however, it can save your family and loved ones money and patience during a difficult ordeal.
  • GHS is here to help with any questions concerning your accounts and managing your money goals! Stop into one of our open branches or give us a call at (800) 732-4447.