5 ways a will provides crucial financial benefits to you and your loved ones

While discussing end-of-life wishes can be difficult, working with your attorney to draft a will should be a top priority. However, far too many of us avoid this task. A June 2021 Gallup poll found that fewer than half of U.S. adults have a will. Some may not have gotten around to it, and others may think they don't need one because their families would know how to handle their estate.

Among the assets that you should include in your will are digital assets. According to TD Wealth's fourth annual estate planning survey, the digital content incorporated into estate plans in 2022 included blogs, social media, and email accounts followed by passwords. This increase in digital content and tools is consistent with an increased interest in digital assets like Bitcoin and other cryptocurrencies.

Parents can designate who will be the legal guardian It's horrible to imagine young children losing a parent, which is why many parents might put off designating a legal guardian. A will lets you name the person you select to take care of your kids and look after them financially. You can also name guardians and set up trusts for those children with specifically named trustees under your will to manage assets for them until they can take care of their own finances.

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