Will Basics - What You Need to Know
This discussion uses the term Will but would also apply to a trust if you have one.
Why is a Will important?
A Will is like an instruction letter stating how your personal affairs are to be handled after you are gone. It is the most basic and common document used in planning your estate. It states who will carry out your wishes, how assets will be distributed to heirs, provisions for care of minor children and other matters. It must meet legal requirements of your current state of residence.
Preparing a Will allows you to state your wishes on many matters and allows decisions reflecting your life values and goals. Without a Will the courts and state law will decide all these matters for you.
Preparing a Will allows you to state your wishes on many matters and allows decisions reflecting your life values and goals. Without a Will the courts and state law will decide all these matters for you.
Unfortunately, approximately 80% of Americans die without a Will. Don’t be one of them! They had no say in how their affairs were handled, how assets were distributed, how children were cared for etc. Also, administration of their estates was more cumbersome and costly than necessary.
Developing a plan and committing it to writing is a gift to your family that can give them and you peace of mind.
Developing a plan and committing it to writing is a gift to your family that can give them and you peace of mind.
Everyone needs a Will
Your Will covers many things, including:
A Will allows you to choose among options for reducing estate administration complexity and costs.
- Naming the person who will administer your estate.
- Naming the person responsible for care of minor children, or anyone dependent on your care and support.
- Stating how your assets are to be distributed. If you want a portion of your assets to go to the church or any other charity, it must be specified in your Will.
A Will allows you to choose among options for reducing estate administration complexity and costs.
Do both spouses need a Will?
Yes, even if much of your property is held jointly, the surviving spouse needs a Will. The surviving spouse will likely control most or all the family assets and needs a Will to say how it’s distributed.
Consider special needs
Without a Will, a court cannot consider the differing needs of loved ones such as their health, financial needs or other factors. There may be a child, sibling or parent who needs special care or financial assistance. There may be young children or other heirs not ready or able to manage an inheritance. Special provisions can be made for them.