What is a Will?
A will is a legal document that informs others what your wishes are for the distribution of your assets after your death. Approximately 55% of Americans do not have a will in place. Many people feel that they are costly, however this is false. Clients are surprised that despite the complexities and other estate planning they can involve, these services can be performed without a large expense.
Do I Need a Will?
Another misconception is that a will is not necessary if the person does not have significant assets. This is simply untrue; a will is important for many reasons:
- They can be used to name guardians for any dependent children. Without a validly executed will, a court may decide who takes responsibility for your dependent children.
- Save your family from worrying. Ensure that your affairs are sorted out in the event of your untimely passing. This includes everything from your assets to your children. If you own a business, a will ensures that your business can survive after your passing.
- If you have a “non-traditional family” it is extremely important. If you choose not to form a will, then the state can hand everything over to your next of kin, which may not be what you want. Having a will protects your loved ones from the stress of these kinds of situations.
A will is arguably the most important legal document that the average person can ever sign. Generally, they 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. For assistance in understanding this process, schedule a consultation with us today!