Why Your Estate Needs a Will No Matter How Large or Small
You may not be ready to think about drawing up a will. The problem is, there’s no guarantee that you are going to live a long, healthy life. When you write a will, you are outlining where you want your assets to go in the event of your death. Without a will in place, your assets can end up going to people you don’t want to leave money to. When you write a will, you can be as specific or as broad as you want when it comes to dispersing your assets.
You Have Heirs Who Will Argue
The intestate laws in your state determine who inherits from your estate in the event you die without a will in place. If you have a spouse, they are generally your first and only heir. If you have no spouse, but you have children, the estate is dispersed evenly to your children. If you have no spouse and no children, most laws dictate that your parents are then the natural heirs of your estate. If you have no parents, it becomes complicated to figure out who is supposed to inherit the money you have left behind.
When you have heirs who are going to argue, it is vital to be specific about what you want to leave each person. You can set up a trust and have your entire estate liquidated, with the proceeds put into the trust. Each heir can be awarded a percentage of the final estate as their inheritance. You name each person who is to get money from your estate, and it states where you want your money to go.
When You Don’t Have a Will
Without a will in place, people who should inherit from your estate can be left out. For example, if you have a step-son who you have raised since birth, this individual may not be entitled to any of your estates. If the money goes to your children through intestate succession, the step-son would be left with nothing. If you intend to treat all of the children you have raised as equals, a will is necessary for you to leave an equal percentage to each person.
Your family is going to be sad at the loss of you. When you can tie up your financial affairs by writing a will, this makes it easier for your family members to know what you wanted after your death. Instead of fighting over money and trying to figure out what is best for your estate, you are giving your family a gift when you write a will spelling out your final wishes.
