Do you know what happens to your assets when you die without a will? Most people don’t. The state legislature has prepared a default estate plan for us in case we die without a will. Your assets will be passed on to family members – maybe not the family members you would choose to receive your assets, but family members nonetheless. If you don’t have any family members within the state-designated structure, then the state will gladly accept your assets.
You need a will to give your executor or executors (the person or persons you designate to handle your estate) instructions about what should happen to your assets upon your death. You’ve worked hard to accumulate assets during your lifetime and probably would like to make sure certain people receive those assets when you die. The best way to make sure that happens is with a valid will.
Maybe you would like certain non-relatives or charities to receive some of your assets after your death. The only way to do that is with a will. Maybe you and your spouse would like to designate a person or persons to care for your children in the event of your death. That’s a compelling reason to have a will! Without those instructions, your wishes may not be carried out. Maybe you would like to leave specific items to certain people – another reason to have a will. Maybe you want a certain person to care for your pet in the event of your death. The best way to make that known is in a will. Maybe you’re not married but would like assets to go to your significant other in the event of your death. That will only happen with a will.
A will doesn’t need to be complicated or expensive. It needs to be clearly worded and validly executed. The preparation and execution of a will is really is not that intimidating and your attorney should be able to lead you through the decision-making process. Feel free to contact me if you want to discuss preparing a will.