Driving for a living presents unique risks. Accidents can happen, and unexpected health issues can arise. While you take the time to diligently maintain your vehicle and prioritize passenger safety, it’s equally important to prepare for scenarios where your assets need to be distributed after your death. This is where a simple will comes into play.
More Than Just “Who Gets Your Things”
While it focuses on asset distribution after death, a well-crafted simple will can indirectly preserve your finances. Here’s how:
- Avoiding Family Disputes: Without clear instructions, family members may disagree on the distribution of your assets, potentially leading to legal disputes and costly court proceedings. A simple will eliminates the back and forth, ensuring your wishes are respected and preventing unnecessary financial strain on your loved ones.
- Protecting Your Business Interests: For many drivers, their vehicle is their most important asset and source of income. A simple will can ensure its proper transfer after your death. This prevents your business from losing value.
- Clarity for Your Loved Ones: The emotional toll of a loss is significant. A simple will removes the burden on your family by providing clear guidance, allowing them to focus on grieving rather than dealing with difficult decisions regarding asset distribution. This can prevent rushed, emotionally driven financial decisions that could negatively impact your estate.
Why This Matters to Uber/Lyft Drivers
As an independent contractor, you’re responsible for your own well-being. This makes planning ahead even more important.
- Vehicle as an Asset: Your vehicle is a significant investment. A simple will can ensure its proper management or transfer after your death.
- Income Security: If you’re unable to work due to death, a simple will can help ensure your assets are distributed responsibly, preventing further financial hardship for your loved ones.
- Peace of Mind: Knowing your wishes are documented provides peace of mind, allowing you to focus on your work and personal life without the constant worry of unforeseen circumstances.
Taking Action
Creating a simple will is a reasonably simple process, and it is recommended to consult with a lawyer specializing in estate planning to ensure your document meets your specific needs. They can also help you understand the legal requirements in your state.
Consider these steps:
- Reflect on how you want your assets distributed.
- Document your wishes: Clearly state your preferences in your simple will.
- Review and update your document: Regularly review your simple will to ensure it reflects your current wishes.
Simple Will Support from IDG Legal
Uber/Lyft drivers can use IDG Legal to get a lawyer’s help to create a simple will and make unlimited updates – all for free.
Tap below and fill out a form for immediate support or call our Member Helpline at (646) 687-7587.
