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Should Everyone Make Out a Will?

The following is a guest post from Andrew Martin. He will return with another guest post next week entitled, “Is a Family Trust Right For You?”

It is never pleasant to think about the need to make arrangements for your death, especially when you are relatively young. But if you neglect to clearly state how you would like your assets and property to be distributed after you die, your intended beneficiaries may not receive the inheritance you have worked so hard to provide them with.

A will is the easiest way to ensure your assets are distributed according to your wishes. They are inexpensive to create, and the peace of mind they provide is invaluable. In spite of this, a shocking number of Americans don’t have a will.

According to a survey conducted by PNC Wealth Management, approximately 30% of adults whose assets exceed $500,000 do not have a will. In addition, a Harris Interactive survey conducted for Lawyers.com indicated that 58% of adults across the country haven’t created a will.

The Importance of Having a Will

These statistics make it clear that a vast majority of the general population doesn’t understand the importance of having a will. It is an important document that everyone should have, at all stages of life, regardless of whether or not you have a lot of money.

If you die intestate (the legal term for not having a will at the time of your death), your assets will be distributed according to the laws established by your state. These laws don’t evaluate your unique individual circumstances or make an effort to determine what your true wishes are. As a result, it is likely that your intended heirs may not receive their proper inheritance.

By creating a will, you will be able to take control over who receives your assets after you die. A will can address a wide range of issues, including:

  • How your assets and property will be distributed
  • Who will act as executor of your estate
  • Who will care for your minor children
  • Directives about your funeral or burial arrangements

Regardless of your age or the size of your estate, there is no reason to give up control over these decisions.

Appointing an Executor

One of the most important directives you can make as part of your will is the appointment of your executor. This person will manage your estate and handle your arrangements after you die. By naming an executor in your will, you can ensure the person who performs this important task is someone whom you trust and believe is capable of handling this job.

If you do not have a will, the role of executor may either be performed by a stranger designated by the state or someone who is first in line legally, but who you may not completely trust or believe to be competent. The ability to name an executor prevents these scenarios from arising.

There is another important reason to maintain control over who is appointed executor of your estate. When the state designates a stranger to serve as executor, that person is entitled to collect fees for carrying out this duty. As a result, there will be less money to distribute to your desired beneficiaries. The executor you choose in your will can waive these fees, maximizing the inheritances for your heirs.

Maintaining Control over the Distribution of Your Assets

You’ve worked hard all your life. Don’t you want to know that the assets and property you’ve acquired will be distributed according to your wishes? Without a will, your assets will be distributed according to the laws in your state, making it impossible to ensure your intended heirs receive their rightful inheritance.

This is particularly impactful in situations where you get remarried and have children from your prior marriage. By creating a will, you can ensure your children receive the portion of your estate that they deserve. Otherwise, your new wife may be entitled to a large percentage of your assets, even if you were only married for a few years.

In your will, you can also make specific gifts of cash or property to whomever you choose. As a result, you can ensure your daughter receives your nicest jewelry or your favorite artwork goes to the person who would appreciate it most.

Having a will is also extremely important in situations where you want to leave assets to a partner you’re not married to. The intestacy laws in many states do not recognize unmarried couples as having the same rights as a spouse. As a result, your live-in partner for more than 25 years may not receive anything even though you built your lives together and deserves the same inheritance benefits of a spouse. If you create a will, you can avoid this situation.

Providing for the Care of Young Children

If you have young children, creating a will is one of the most important things you can do. In your will, you can make provisions for guardianship of your children in the event that both parents die together in a common disaster. Beyond appointing the people to raise your children, your can also cover just about every aspect of your children’s care, including:

  • Making provisions for setting up a trust for minor children
  • Establishing who will manage the trust for your children, ensuring that your children’s money is properly managed and not squandered
  • Placing directives on how you want your guardians to raise your children – this can cover issues such as religious education, extracurricular activities, or the desire to send your children to top tier colleges if they can get in

Working with an Experienced Wills and Trusts Attorney

Wills should always be carefully and thoroughly thought out, and not drafted haphazardly. There are many issues to consider when creating a will, and it is important to work with an experienced wills and trusts attorney who can guide you through this process. By doing so, you can ensure that your loved ones are properly provided for when you’re gone.

Bio:

Andrew Martin is a professional writer with over five years of experience writing legal copy. He is also a musician and regular contributor to the Marquee Magazine, an online and print publication covering music in the Boulder and Denver area.