7 Reasons Why You Need a Last Will and Testament
Many of us spend a lifetime accumulating assets, personal property and mementos. It only takes a short time to make sure these valued items get passed on to your loved ones if something happens to you. When executed correctly, a last will and testament can clearly state your wishes and ensure that they are carried out. Here are reasons why it might make sense for to get a good last will and testament in place:
1. You care about your family and loved ones so you do not want to leave them to figure out everything on their own after you are gone. By planning, you are conveying the message that they are important enough for you to have taken the time to state what your wishes are with respect to your property and assets.
2. People may not die in the order you’ve planned if you simply have everything in a joint account. When that happens, sometimes unforeseen events occur and your property may pass to someone you did not wish to have it. That is why a will can be important.
3. You may want to include plans for a bequest or gift to a charitable, religious, social or community organization that has played a significant role in your life or in the life of a loved one. If that’s the case, it’s important to include them in your planning.
4. You do not want the State to determine how your assets and property are divided and distributed. The State will divide your property between your spouse and children and other relatives. If you have not stated your wishes clearly, sometimes the State’s version can lead to a result you would not have wanted.
5. You may want to set things up so that your family does not fight over important personal items. It’s easier to make decisions and to communicate your wishes ahead of time so that things go exactly the way you want them to go.
6. You do not want a court to determine who will be your executor to take care of your affairs after your death. Making a decision on who you want to handle your affairs is not difficult and will make the situation so much easier on your family and loved ones.
7. A will can be changed. If circumstances change, you have the ability to make whatever changes you deem appropriate.
Of course, a last will and testament may not be appropriate in every situation. Recall that any property that goes through a will must go through probate. For that reason, many clients choose a revocable living trust in order to make sure their wishes are carried out and to avoid probate.
Whatever decision you make, it’s important to get good advice. You not only need to ask the question “what happens when I die?”
You also should ask and answer the question, “and what happens if I don’t die but become sick along the way?” A good elder law attorney can help you with this planning to be sure that your wishes are carried out and your property goes where it is supposed to go.
For more elder law information:
4 Ways Property Passes at Death Explained
What is Probate and How Can I Avoid it?