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Why People Need Wills

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Making sure you have a will prepared in case of an untimely death will make things a lot easier on the loved ones you have left behind. If you neglect to do so, then it is up to your state's law to distribute your assets and a judge to decide who will raise your children. It is common practice that your spouse and/or children receive all of your estate if no will is left behind. If there is no spouse or children, the court will decide which of the closest family members will receive your assets. You can imagine how uncomfortable this would be for surviving family members and may even cause family power struggles during an already tough time. Preparing a will is an easy step to take to put everyone at ease, including yourself.

A will is a document that allows you to legally leave property to people or an organization of your choosing. In a will, you also have the ability to name a guardian for your children as well as someone to manage any property or finances you leave your children if they are minors or unable to do so. Lastly, your will names an executor who has authority to ensure that your wishes are carried out and that the terms of your will are followed closely.

It is important to keep in mind that any property you leave in your will could be subject to probate court. Probate court proceedings could last anywhere from six months to a year and will cost the equivalent of about three to five percent of your estate in fees paid to the lawyer and court. This means that your beneficiaries will not receive the proceeds from your estate until probate is complete.

You may need something other than a will if you think you will have to pay estate taxes on your property, which will occur if your assets equal more than $1.5 million. Also, if your situation is somewhat complicated, such as wanting to leave property for you child, and then mandate that your children leave it to your grandchildren, you may consider a trust. Since most states give surviving spouses the control over property left behind, you might need a different legal document to leave assets to children from a prior marriage if you feel conflict may be involved between them and your current spouse. If you have a child with a disability or other special need, you may consider an estate plan that will address this issue.

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