This year has been a challenging one. Many of us are feeling somewhat worn down or at the very least more cynical than ever before. You are not alone, but you will be in a relieved minority if you take this as a cue to do something positive. Pandemic related stress is actually a perfect excuse to look into preparing a will—especially when you think about the alternative motivations that await—family strife, terminal illness, decreased cognitive abilities, etc. If you are wondering about the necessity of a will and the various benefits, read on.

Why would you be thinking about a will? You probably have some general awareness that a will prevents confusion after your death among your surviving heirs, family, and close friends. But are they just for the wealthy? Not at all. A will is a legal document that allows you to distribute probate assets (any asset with a beneficiary designated such as retirement accounts or life insurance policies are not part of this category) as you see fit, but it also makes other arrangements clear and accounts for contingencies in your unique situation. Here are the reasons you should follow through and consult us about your estate plan:

You get the final say

Your life’s work of relationships and assets can be settled in a will. If it is not, the laws of descent and distribution in your state will prevail. That means people you may not have even considered, such as estranged cousins may get a cut. Property that has been in the family for years may be split into dozens of pieces. The same goes for precious family heirlooms that may have as much sentimental value as real value. They may get lumped into an estate sale that is split among heirs. The point is, without a will, you do not get to leave your final stamp on your legacy.

Assure a competent executor is in charge

A will allows you to appoint a trusted relative or friend to oversee the estate according to an intimate understanding of your wishes. They can take the decision out of the hands of others and/or prevent decisions about debts, pets, trusts, etc. from becoming flashpoints of debate. Deciding on a steady-handed executor decreases the chances for legal trouble for your heirs.

Protect minor children

If you have sole custody of minor children, it is critical that you choose a guardian for the first 90 days after your death. This choice, if well justified, would be persuasive to a judge thereafter in determining permanent custody.
Minor children also need to have trustees appointed in a will so that you can guarantee the amount of money you want to leave them and make sure it is disbursed as you see fit—after all, does a 19 year old need to inherit hundreds of thousands of dollars at once?

Make special arrangements for adult children and other special circumstances

 

Gambling, drug addiction, special needs and disabilities are common reasons to write contingencies into your will about who gets money or access to property, how and when. You may want to make sure a disabled cousin or friend receives scaled assistance or that one child must prove that money spent is directly related to living expenses. If it is clear in a will, you help everyone avoid chaos; an experienced attorney makes certain that nothing is left open to interpretation.

Don’t turn real estate into a liability

 

If you own real estate and property and have multiple heirs, it is critical to describe who gets what, so that they don’t all have the responsibility of quibbling over sales and portions. Inevitably, this has torn many families apart. If you are leaving real estate to minors, it further complicates matters, as they are not able to sell or rent any real estate without court intervention on their behalf. Anything that you wish to be sold can be specified so that your executor can make the sale without a battle.

A will is an important legal document, but it is, further, a final message to your family about your relationships and intentions. While many await crisis or high emotions to hurriedly arrange a will, you are likely to be more at peace with one that results from measured conversations with our legal experts. Learn more about how you can protect your loved ones with a will by messaging us. The critical legalese involved is not expensive, but it is all too costly to get it wrong. Contact our knowledgeable, compassionate team today to help you navigate the process of creating a will.