Who All Needs A Will?
If you’re not involved with the legal profession, you may not be aware of what exactly a will is and how it can impact your life and loved ones upon your death. In short, a will is a document that tells how you would like your property divided when you die.
To understand who needs a will, you need to appreciate exactly what happens when you pass away without one, which is known as dying “intestate.” When you die intestate, the laws of the state where you’re a resident decide how your assets pass and who receives them. Therefore, everyone needs a will in order to take control over their belongings and avoid the negative consequences and costs of intestacy. Still, you might have questions about how having a will impacts you specifically.
Do I Need A Will If I'm Not Wealthy?
People have long thought that they don’t need a will if they’re not wealthy, but that’s certainly not the case. No matter the value of your possessions, you still need a will to pass your assets onto your intended beneficiaries or the laws in your state will decide for you.
I’m Married With Kids. Do I Need A Will?
If you have children under the age of 18, it’s critical that you have a will to state your wishes on how to transfer your estate to minor children, if you and your spouse are deceased. Equally important is to designate in your will who will handle the funds, as a trustee, for your minor children. These issues are best handled by will rather than by courts, who might use different criteria than you would in providing direction for your kids' inheritance.
Do I Still Need A Will If I’m Single With No Children?
Even if you’re unmarried without children, you should still execute a will to dispose of your belongings upon your death. The laws of different states vary, leaving you with little control over who will receive the assets of your estate. It’s even possible that distant relatives could receive a share, which may not be your wishes if you have friends or a charity you’d prefer to benefit.
Are There Other Benefits To A Will Besides Maintaining Control Over How Your Assets Are Distributed?
There are other advantages to executing a will, and they’re primarily financial in nature. Dying intestate can result considerable costs that are charged against your estate, including court costs, attorneys’ fees and other expenses. When you don’t have a will, your descendants are left to sort through your estate with no direction from you, which may lead to fights over your estate, significantly increasing the costs and time of finalizing your affairs.
Should You Contact An Attorney To Draw Up Your Will?
Considering the importance of a document whereby you give away all your worldly possessions, it’s smart to have an experienced attorney prepare your will. Those that specialize in estate planning and administration can help you develop a plan that distributes your assets exactly as you wish rather than having state law govern your estate.
The Amarillo estate planning lawyers at Stockard, Johnston, Brown & Netardus, P.C. has expertise in all areas of estate planning, including will preparation, execution of living trusts and other documents. Please call to speak with an experienced lawyer who can discuss your estate planning options.
To understand who needs a will, you need to appreciate exactly what happens when you pass away without one, which is known as dying “intestate.” When you die intestate, the laws of the state where you’re a resident decide how your assets pass and who receives them. Therefore, everyone needs a will in order to take control over their belongings and avoid the negative consequences and costs of intestacy. Still, you might have questions about how having a will impacts you specifically.
Do I Need A Will If I'm Not Wealthy?
People have long thought that they don’t need a will if they’re not wealthy, but that’s certainly not the case. No matter the value of your possessions, you still need a will to pass your assets onto your intended beneficiaries or the laws in your state will decide for you.
I’m Married With Kids. Do I Need A Will?
If you have children under the age of 18, it’s critical that you have a will to state your wishes on how to transfer your estate to minor children, if you and your spouse are deceased. Equally important is to designate in your will who will handle the funds, as a trustee, for your minor children. These issues are best handled by will rather than by courts, who might use different criteria than you would in providing direction for your kids' inheritance.
Do I Still Need A Will If I’m Single With No Children?
Even if you’re unmarried without children, you should still execute a will to dispose of your belongings upon your death. The laws of different states vary, leaving you with little control over who will receive the assets of your estate. It’s even possible that distant relatives could receive a share, which may not be your wishes if you have friends or a charity you’d prefer to benefit.
Are There Other Benefits To A Will Besides Maintaining Control Over How Your Assets Are Distributed?
There are other advantages to executing a will, and they’re primarily financial in nature. Dying intestate can result considerable costs that are charged against your estate, including court costs, attorneys’ fees and other expenses. When you don’t have a will, your descendants are left to sort through your estate with no direction from you, which may lead to fights over your estate, significantly increasing the costs and time of finalizing your affairs.
Should You Contact An Attorney To Draw Up Your Will?
Considering the importance of a document whereby you give away all your worldly possessions, it’s smart to have an experienced attorney prepare your will. Those that specialize in estate planning and administration can help you develop a plan that distributes your assets exactly as you wish rather than having state law govern your estate.
The Amarillo estate planning lawyers at Stockard, Johnston, Brown & Netardus, P.C. has expertise in all areas of estate planning, including will preparation, execution of living trusts and other documents. Please call to speak with an experienced lawyer who can discuss your estate planning options.