Do I Need a Will?
This is a pretty common question, and in my line of work, the answer is almost always yes. I say this because a Will can do a few things for you and the loved ones you leave behind to make a stressful time a little less so. A Will makes it clear what your wishes are to the probate courts, and allows you to nominate your executor (sometimes called an administrator or personal representative). It also allows you to direct the court not to impose bond. Bond is money your executor needs to put up to insure compensation to beneficiaries for potential mismanagement by your executor. It also gives your executor flexibility on whether to probate the Will at all (probate is the legal retitling of someone’s assets after that person passes away). If your estate is insolvent, that is there are no assets to speak of, then your executor can decide not to probate the Will. If there are assets, your executor can proceed with probating the estate in the way you prescribed. If there is no Will, then your executor really has no options but to distribute assets the way the laws in your State demand.
Still, there are cases where a Will is more important than in others. There are also cases were avoiding probate or limiting the assets going through probate may be advisable. Based on the way probate laws work in most States, if a married couple with no children (together or separately) simply want the other spouse to take all the assets; a Will may not accomplish much. Conversely for a non-married couple without children who what the other partner to take all the assets, a Will may be absolutely indispensable.
Here are some common situations where a Will would likely prove highly valuable:
You are single with no children and you have assets such as real estate, collectables, and heirlooms.
You are in a committed relationship with a partner, but are not married.
You have minor children.
You recently experienced a significant life event such as marriage, divorce, new relationship, the birth of a child or grandchild, a significant change in financial circumstances, the death of a close family member, retirement, or a sudden change in health.
You have a special needs person you take care of.
You have step children or step grandchildren you wish to inherit from you.
You want to leave assets to a charitable organization.
You want to limit your probate estate or protect your assets.
The information contained in this blog is general in nature and should not be viewed, and is not intended by the author to be viewed, as legal advice. For specific legal advice, please discuss your situation with a qualified attorney.