Create a Will in 2022

It’s a brand new year, and the fresh winds of resolve are blowing through everyone’s lives in these early days of 2022. If you are one of the approximately 50% of Americans who don’t already have a notarized will in place, adding “create a will’ to your to-do list would be a great way to get a leg up on your New Year’s financial goals. Establishing a concrete plan for assets such as life insurance or burial insurance, and appointing guardians and executors as needed in the event of your passing, are foundational ways to provide for the financial security of your loved ones. While the topic of your own mortality may not always be the most comfortable to ponder, putting a plan in place is a simple task that can be completed with ease from the comfort of your own home, with a minimum of guidance from a professional.

What needs to be included in a will?

The purpose of a will is to put in writing (and under a notary stamp) the details of your desires for the distribution of your estate. Therefore it’s important to include instructions for assets of value for which you wish to designate a beneficiary. These may include, but are not limited to:

  • Money to cover outstanding debts
  • Any real estate holdings– including your primary residence
  • Investments in stocks, bonds, mutual funds
  • Business ownership, or any business assets
  • Cash
  • Any valuable or significant physical assets

Your will should appoint an executor to oversee the distribution of assets, and otherwise ensure that your wishes are carried out. This person should be a responsible, trustworthy person in good financial standing, someone that you trust, and ideally, someone younger than yourself. If appropriate, your will should also appoint guardians to care for pets or children. And finally, your will must include your signature, which (depending on the laws in your state) may need to be notarized and/or witnessed.

What about Life Insurance, or Burial Insurance policies?

Assets that already have a beneficiary in place won’t need to be included in a will. If you’ve already purchased life insurance, burial insurance (also called final expense insurance), or established a retirement account, those assets already have a designated beneficiary written into the policy, so there’s no need to include them in your will. These policies and accounts will provide a direct cash benefit, to be used completely at the discretion of the beneficiary, to a designated individual. Final expense insurance may be of equal importance to your will, when it comes to providing for your dependents and loved ones. If you don’t already have these investments in place, we highly recommend that you reach out to USA Life for further information and a free, no-obligation quote. Burial insurance, and the right kind of life insurance for your circumstances are both extremely important aspects of establishing a stable financial legacy. We would love to discuss your options with you over chat, from the comfort of your home.

So don’t let apprehension and misconceptions keep you from providing yourself and your loved ones with this important service. For a financially responsible individual with successfully established investments, insurance policies, and other assets; creating a will is the capstone project that will ensure that your financial legacy lasts beyond your physical presence. USA Life can help you ensure that your preparations benefit your loved ones when the time comes.

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