A will is a legal document that informs others what your wishes are for the distribution of your assets after your death. Many people feel that a will is not necessary as the person does not have significant assets. However the will does also cover other important issues. Wills can also be used to name guardians for any dependent children. Without a validly executed will, a court will decide how your assets are distributed and who will be responsible for your dependent children. This may not be in line with the desires of the decedent.
A will is arguably the most important legal document that the average person will ever sign. Generally, wills should be reviewed yearly to ensure that your wishes are up-to-date. Wills should also be reviewed after major life events including deaths of potential heirs, births of potential heirs, changes in financial situation, and real estate purchases and sales.
When one dies without a will, they are said to die “intestate.” The state will decide how your property is to be distributed. This increases administrative costs that are paid by your estate. To avoid the additional grief that comes with the intestate process, we recommend drafting and executing a will that clearly expresses your wishes and intentions.
Consultation with Craig M. Dorne, PA can assist in understanding the process. Clients are surprised that even with the complexities that a will and other estate planning can be performed without a large expense.