Is a Will Necessary? Yes.
A Will is a legal document settling your “estate” after your death. Your “estate” is everything you own.
It lets you decide:
To whom your property will be distributed-family, friends, or institutions.
How your estate will be distributed. For example, as outright gifts or in trust.
Who will supervise the estate process-executor, trustee, etc.?
Any other important matters, such as when distribution will be made.
According to your own plan, you can determine the distribution of your personal belongings, real estate, etc.
Provide for family needs, both immediate and long range. This includes naming a guardian for minor children and remembering certain family members or friends in specific ways.
Plan wisely for taxes (estate, income, etc.) to help your heirs manage taxation.
Make contributions to your favorite charities, schools, etc.
What Happens If You Do Not Have a Will?
A will carries out your wishes after you die.
If you die without a will, the court will divide your property according to state law.
Your spouse may have to share with other family members you wouldn’t have named in the will.
Your children will share equally, regardless of their needs or your wishes.
Minors will have a guardian appointed by the court if you don’t choose one.
And the court will choose someone to settle your estate. This will cost your estate.
A Attorney can ensure that your will complies with:
Requirements of form, language and execution are needed for a will to be valid. All must be precise.
Tax advice from a professional may save your heir's unnecessary estate taxes.
Property transfer laws to be applied by a professional can avoid possible future title problems.
Changing laws need to be reviewed to keep your will up to date by an Attorney.
Will needs to be changed when: Consider will updates when you have newly married, moved to another state, had a child or grandchild, or if someone dies, changed your mind, or the value of your assets has changed significantly.
Make sure you have WILL Power!