Should I Have a Will?
Should I Have a Will?
Death is not an easy subject to talk about and many people avoid discussing the topic of creating a will until they approach retirement. However, everyone – no matter their age – should have a plan for who receives their possessions and money upon their death. Having a will is a formal, legal way to do this.
Do I Need a Will?
Without a will, the state will decide who receives your possessions and money when you die. Every state has its own laws regarding this issue, but why leave it to question? In general, however, your assets will be split amongst your spouse and surviving children. If you’re single and have no children, the state will likely decide who amongst your blood relatives will inherit your assets. If you agree with the state laws, then you don’t necessarily need a will. However, if you would like something different, you will need to create a will.
A will can be especially useful if you have young children as they allow for easy transfer of guardianship of minors. Even if you have a revocable living trust, you will still need what’s called a pour-over will.
Creating a will gives you complete control over the distribution of your assets. It allows you to decide who will inherit your most prized possessions, family heirlooms and how your wealth should be distributed. And if you have a business or investments, a will allows for an easy transition of those assets as well.
Aside from giving you control over how your assets are distributed, a will also eases tension between surviving family members as everything has already been decided and settled. When a will is not present, relatives may battle over your possessions, which can weaken a family in a time of grief and loss.
The bottom line: Unless you’re comfortable with the state deciding how your assets will be distributed, you should create a will.
Remember, wills can be amended at any time. In fact, it’s recommended that you review your will periodically, especially if you get married or divorced. And you don’t have to be approaching retirement to create one either. The earlier you create your will, the better.
A lawyer who specializes in wills and succession can help you create your will. At Waitz & Downer, we have many years of experience in estate law and have helped many clients create their will.
Waitz & Downer Can Assist You with Wills & Estate Planning
If you’re considering creating a will or a trust, contact Waitz & Downer Attorney at Law today at (985) 876-0870.