by Estate Planning Attorney Patrick A. Metcalf
A will is a legal document that explains your wishes regarding the distribution of your property and the care of any minor children after death. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone.
Some people think that only the rich or those with complicated assets need wills. There are many good reasons why you should have a will. Here are some reasons why you should have a will:
- You can be clear about who gets your assets. You can decide who gets what and how
- You can keep your assets out of the hands of people you don’t want to have them (like an estranged relative)
- You can identify who should care for your Without a will, the courts will decide.
- Your heirs will have a faster and easier time getting access to your assets.
- You can plan to save your estate money on taxes. You can also give gifts and charitable donations, which can help offset the estate
Notice all the above reasons starts out with “you”. That means you will decide what to do with your property, not someone else.
This blog is not a legal advice. You should consult an experienced Estate Planning attorney help you with your estate planning process. It’s best to have an attorney review your background and your needs before you start your plan. You may not get the desired outcome if you do not pan properly.