Posted by Lending Club :: September 18, 2007 @ 6:48 am

While statistics regarding the number of Americans without a will tend to vary fairly widely, even the most conservative estimates put the number at around 50%. If you are one of those without a will, today’s discussion may persuade you to write one.

As you know, a will allows you to designate who will get your belongings and assets in the event of your death. Without a will, a court will decide how to divide your belongings. If you have a child, then a will is an absolute necessity. While some people might not care as much about what happens to their money when they die, they most certainly would care about what happens to their children. Your will allows you to name guardians for your children. Again, this is something you would certainly not want handled by the courts, without your input, after your death.

Just like with insurance, it’s the people least likely to need a will who actually need one the most. When a young, healthy person dies unexpectedly, the situation tends to be the most complicated. No one wants to think about dying young, but with a little planning, the process of writing a will is relatively straightforward.

Depending on your situation, you have various options for creating your will. The two most common are hiring a lawyer and using will preparation software. For basic wills, without many complicated circumstances, software may be adequate. I personally feel more comfortable using a lawyer for such an important matter, but only you can decide the right choice for your situation.

I think of a will in the same light as life insurance: I hope I never need them, but if I do, I’ll be glad I have them. You’ve worked hard during your life to earn your assets and care for your children, so you should be the one who decides what happens to them. We’re always advocating taking control of your financial situation here on the Lending Club blog. A will is your final method of control, and one that you should certainly considering using.