Individuals Should Create Wills Even in Bear Markets

June 8, 2009

Financial experts and lawyers who specialize in estate planning warn that their clients should create a will, even though the market may not be so strong. It is estimated that 55 percent of American adults do not have a will. This is risky because a will not only designates how an individual’s belongings and assets will be divided among the individual’s survivors.

A will can also leave the deceased individual’s wishes and demands after death. This may include instructions for burial or last messages to friends and family members. Also, a living will is a written record of an individual’s wishes in the occasion that he or she is left in a coma. The decision to remain on life support can be made beforehand, as well as specific references to the care that he or she wants if terminally ill or incapacitated.

Creating a will also allows an individual the opportunity to speak with his or her family members about death and what would occur in the unfortunate event. Insurance planning is another important aspect- it allows an individual to leave assets to his or her family to provide for family financial obligations, such as education savings, mortgage debt and income replacement.