There are several reasons to consider meeting with an attorney to begin drafting a will. Without a will, your assets, children, and personal possessions may not be properly protected.
What is a Will?
A will is a document signed by a person that directs how his or her property should be disposed of and who will receive it. It usually also directs who will administer the estate, and it can also be used to appoint a guardian of a minor child.
How can a will protect my children?
A will allows you to appoint a guardian and successor guardians for your minor children. There is no other way to assure that someone you trust will have the control over custody of your minor children after you die. For people with minor children, even if you have a very small estate, this is a very compelling reason to create a will.
With a will, you can also control how and when your minor children or young adult children receive their inheritance. Without a will, children who inherit your estate will receive their inheritance immediately if they are 18 years of age or older.
How can a will protect my spouse?
It is very important to sign a new will after a marriage. If this is not done, then the spouse will receive a share of your estate as if you died without a will. This can create some unintended results.
How can a will protect my personal effects?
If you die without a will, your personal effects are distributed to your heirs based on the rules of intestacy. With a will you can create the ability to prepare a special kind of list that describes who should receive your tangible items of property. With a will you can make sure that items with special meaning are distributed to the people you believe will most appreciate them.
Conclusion
If you die without a will, the state intestate statutes will control how your property is distributed. A will is an essential component of your estate plan, allowing you to appoint a guardian for minor children, appoint your Personal Representative, create trusts for you minor or young adult children, manage the transfer of your personal effects, and distribute your estate.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.