Free Wills information
and services regarding Why are wills important. Are wills important?
Wills, trusts and estate planning is absolutely vital to the future
security and protection of your family. Don't underestimate the importance
of wills and proper estate planning.
10 GOOD REASONS WHY
WE SHOULD HAVE WILLS
If you've been putting off making a will, because
the thought of your own demise is too much to bear—stop, and think of your
family first.
Here are the ten most compelling reasons why it's important to your family
that you take action and make a will, and remember to keep it current.
If you die without a will...
1. The court will
appoint an administrator, for a fee.
The administrator will distribute your
money and your belongings according to state law. You don't want this to
happen because a court-appointed administrator won't know your personal
interests and keep your needs in mind. With a will, you choose the person,
called an executor, who sees to it that your property is distributed
according to your specific wishes.
If you die without a
will...
2. Your spouse may end
up with less than s/he needs.
Your surviving spouse may not have enough
funds to make ends meet because, for example, more money may go to your
children than you wanted. In your will, you can make sure that your spouse
gets enough money to live comfortably.
If you die without a will...
3. Your assets may be
divided equally among your heirs.
If there is no surviving spouse, your
assets will be parceled out equally among your heirs. You may not want this
to happen. For example, you won't be able to protect your assets from an
adult child's creditors or the financial ravages of a divorce decree. Or,
one adult child may be well off and not need the money while another child
really could use some financial assistance. Also, you may have another
family member or friend you want to help and, without a will, it won't be
possible.
If
you die without a will...
4. Your grandchildren
may not get a cent.
When no beneficiaries have been specified,
most state courts will grant an estate's assets first to a surviving spouse,
then children, often leaving out the generation after. With a will you can
allocate assets to go to grandchildren and, through a trust, you can name a
guardian to manage their financial affairs until they're ready to do so on
their own.
If you die without a will...
5. Your stepchildren may
get nothing.
Because most states define heirs as "blood"
relatives, stepchildren may not be recognized as heirs. An exception may be
made when a stepchild has been legally adopted. A will, however, can insure
stepchildren are not left out.
If you die without a will...
6. You can't name a guardian for minor children.
Without a will, you may not get the
guardian you want for minor children. With neither parent alive, the
grandparents are the natural guardians of minor children, but it may be up
to a court to decide which set of grandparents.
If you die without a will...
7. You won't be able to
minimize estate taxes your children or other heirs might have to pay.
You and a spouse can shelter as much as
$1.3 million of assets from federal estate taxes by setting up trusts within
your wills. You'll need the help of an experienced professional to draft the
wills for you.
If you die without a will...
8. You can't leave your
favorite things to your favorite people.
With a will, and an adjoining letter of
intent, you can specify who gets what. It's a good way to avoid family
fights. A letter of intent is like a laundry list of items with the
corresponding beneficiary. (Note: In some states, letters of intent can be
changed from time to time without having to re-do the will).
If you die without a will...
9. You can't leave
contributions to a church or charity.
State laws do not consider religious and
charitable institutions as heirs. Only a will can spell out how your money
can be passed to non-heirs and insure your favorite charity gets a donation.
If
you die without a will...
10. Your loved one could
lose his/her benefits.
You may cause a problem if money ends up
going to a parent or other family member who's being cared for by Medicaid
in a nursing facility. Medicaid has strict income qualifications. The added
income may disqualify your loved one for continuing to receive benefits.
In today’s society and with
today’s government, which has the general mindset, that it knows better than
you, what is best for you. It has never been more important than now, to be
certain that you are the person making the decisions that will affect your
family, friends and loved ones for years after you are gone.
Do you need an attorney? Probably not.
The will has been around in
substantially the same form for about 500 years. For the first 450 years,
self-help was the rule and lawyer assistance the exception. They were
prepared by laypersons and were perfectly effective. What has changed?
Virtually nothing-- other than good campaigning by attorneys. Over the past
50 years they have done a great job of convincing the public that it is
dangerous to draft a will without their "expertise" like performing your own
brain surgery (they charge about the same) -- (And I have first hand
knowledge of this--
Click here for a bit about
me). The reality is that the basic laws (statute of wills)
that govern wills has undergone little change. And lawyers simply are not
necessary-- unless....
Do you have a relatively large
estate? Do you want to engage in some sophisticated tax
planning? If this is the case, it may be wise to consult with someone who
has knowledge and experience in wills and estate planning.
Otherwise, save your money!
Remember, the hardest part is
figuring out what you own and who you want it to go to. Provide us with
that information and we do the rest and insure that your will conforms to
the minor variations from state to state to insure that
you not the state determines who gets
your property.
