Friday, February 26, 2010

Do I Need a Will?

I've written often about the need for young individuals to make sure they have an estate plan in place, but since this topic is so important, I wanted to also post this on my blog.

I often find that many people mistakenly believe that only wealthy individuals need to create Wills. The truth is that everyone can benefit from a Will. While Wills are used to determine how, when and to whom assets pass to at death, they perform other vital functions as well. Most importantly, Wills allow parents to appoint guardians to surviving minor children.  Although it can be unpleasant to think about, it is necessary to plan for the care of your children in the event of your death. Directions regarding the rearing of your children can be specified in your Will, including the management of any assets left to minor children. The awful truth is that if you die without a Will, the state has its own plan for you, and you are powerless over decisions made by a judge regarding the future of your loved ones.

 Creating a Will can not only give you peace of mind during your life but can also be beneficial to your family after you are gone. Making your wishes known can help to avoid unpleasant and unnecessary disputes between well-meaning family members over guardianship of children and distribution of assets.  If you would like to further discuss the benefits of creating your Will, our office would be pleased to help.