Planning for the unexpected is always necessary, no matter your age or the amount of assets you have. Many people think that their assets are not valuable enough to necessitate a Will. On the contrary, a properly executed Will is one of the most important estate planning documents one can have. A Will gives you control over the disposition of your hard-earned assets and makes the process of handling your estate easier for your loved ones during an already difficult time.
If you die without a Will, also known as dying intestate, your property is distributed according to state law. These distributions may not be in accordance with your wishes. For example, all your assets may go directly to your children, when you wished to provide for a close sibling; all property may go to one person, when you wished to leave specific items to several different people. Without a Will, your wishes are left unconsidered as your assets are distributed according to statute. Having a Will allows you to decide which assets you would like to go to particular friends, family members, or even charities. It allows you to leave specific items to whomever you wish or divide your assets amongst loved ones in equal or differing percentages. Most importantly, it gives you the right to decide how your assets are distributed.
Another important aspect of a Will is the appointment of a Personal Representative. This person is responsible for managing your estate. They will file paperwork with the court, manage your estate, distribute assets according to your Will and eventually close the estate once all distributions have been made. By appointing a Personal Representative, you are able to select someone you trust to handle your estate. Without this appointment, there is the potential for a conflict among your family members, added expenses in administering your estate, and the final decision could result in the Court appointing someone you would not have otherwise chosen yourself.
Planning for the future with a properly executed Will ensures that your wishes are adhered to, even after you are gone. If you already have a Will it may need to be updated as well. Contact Attorney Kayla E. Boehlen at (413) 730-4455) or kayla@law-eb.com to draft a Last Will and Testament that meets your needs.
Comentários