Estate Planning

Why You Need a Will

Even if you don’t have or need a trust, virtually every adult should have a Will, especially upon becoming a parent.

If you have children that are not of adult age, or have an adult child that is developmentally disabled, a Will—not a trust—is the document that allows you to name who you want to serve as guardian should you pass away first.

Also, some incorrectly believe a power of attorney is sufficient to name who handles their affairs after they pass away. But the authority given in a power of attorney automatically ends at death. A Will is the document in which you name your personal representative, sometimes called an “executor.”

Of course, a Will also allows you to state who will receive your things. But if you don’t have a Will, you leave to the government to decide how that question is answered. As you can imagine, this can create a great deal of turmoil.

An experience we had highlights the importance of using a Will to protect your estate from unexpected circumstances. A widowed friend kept stating that she intended to create a Will, but she just never seemed to be ready to get it done. She had no surviving parents or siblings. The only family she had was her son, who she wanted to receive her things.

As too often occurs, she passed away unexpectedly. When meeting with her son, he said something that was going to completely alter what would have happened to her estate. He said that he was her son because she informally “adopted” him many years ago. He was not her biological son; nor had he ever been legally adopted.

Had she completed her Will, her son would have received everything. However, because she did not, he had no legal right to any of her estate. Instead, distant relatives, who she may not have even known, received her things. The lesson is, if you fail to plan, you leave to someone else to decide what happens to your estate.

Further Reading

What You Don’t Know That You Don’t Know

Think You Don’t Need An Estate Plan?

Why You Are The Biggest Threat To Your Estate Plan

 Why You Need a Will

Why You Don’t Need A Trust for Your Estate Plan

Why You Need a Trust for Your Estate Plan

Are You Prepared for the Threats to Your Estate?

How Your Family Can Inadvertently be a Threat to Your Estate- Part 1

How Your Family Can Inadvertently be a Threat to Your Estate- Part 2

How Your Family Can Inadvertently be a Threat to Your Estate- Part 3

When Business Interests and Estates Combine- Part 1

When Business Interests and Estates Combine- Part 2

When Business Interests and Estates Combine- Part 3

So Who Gets the Home?

Have you Had the “Talk” with Your Children?