Generally speaking, a will is a legal document that coordinates the distribution of your assets after death and can nominate guardians for minor children. A will is important to have, as it allows you to communicate your wishes clearly and precisely. The following are additional reasons you should consider making a will:

1. Identify who will receive your property upon your death,
2. Identify the individuals or entities that will serve as your executor and alternate executors,
3. Identify the individuals who you wish to serve as guardian and alternate guardians of your minor children,
4. Provide how debts and taxes will be allocated among your beneficiaries,
5. Identify the powers and responsibilities of your executor,
6. Plan for federal estate taxes,
7. Exercise powers of appointment, which are rights that you have to designate the recipients of property held in trust or otherwise, and
8. Reduce the burden of administering your estate by making your will easier to probate. (For example, making the will a “self-proven” document and appointing an independent executor, to serve without bond).

Do You Need a Last Will and Testament?

Although a last will and testament is not legally required, without a will, the laws of intestacy determine the distribution of an estate’s assets. Because the outcome may not coincide with the decedent’s wishes, it is generally advisable to create a last will and testament.

In addition to providing the opportunity to direct asset distribution, a last will and testament also allows the testator to make a charitable gift, create a trust for any person, name a legal guardian for minor children, or create a “pet trust” in order to provide for the care of an animal after its owner’s death.

Before the terms of a last will and testament can be effectuated, the will must be proven in probate court. Probate is the court-supervised process of distributing the estate of a deceased person.

The last will and testament of the decedent must be filed with the appropriate court within a certain period of time after the testator’s death. Each state have their own laws as to when a will must be filed for probate.

Intestacy: Dying Without a Will

Someone who dies without a will is called “intestate,” which invokes the strict laws of intestacy. Intestacy laws differ from state to state. The Uniform Probate Code (the Code) serves as the starting point for many states’ laws. Nevertheless, the laws of different states can vary greatly from each other and from the Code itself.

The purpose of intestate succession statutes is to distribute the decedent’s wealth in a manner that closely represents how the average person would have designed his or her estate plan, had that person had a will. However, this default can differ dramatically from what the person really would have wanted. Even where it is known what the person intended; no exceptions are made where no valid will exists. Nor are there any exceptions made based on need or special circumstances.

If you die without a will (die “intestate”), you cannot choose who will inherit your money, real estate, property, belongings, insurance and retirement benefits (your “estate”). Instead, your estate will be divided according to state law. Without a will, your siblings and grandchildren are not likely to inherit anything from you.

With a valid will, YOU get to decide what happens to YOUR property. The person you choose (the “executor”) sees to it that your property is distributed the way you intended.

I do not own anything, why do I need a Will?

One of the most common questions asked is, “I don’t own anything, so I don’t need a will, right?” Wrong. If you’re a legal adult, you need a last will and testament – even if it’s just a very basic one. Consider the following:

Providing for Minor Children

Many people think wills are simply about giving your “stuff” away when you die. If you have young children, it’s important to consider who will care for them if something happens to you. Accidents happen, even if we don’t like to think about the possibility of leaving our loved ones behind. Whether you have a spouse or you’re a single parent, you never know what the future holds. If you don’t name a guardian for your children in your will, the probate court will appoint someone. A will allows you to designate the person you would like to raise your child on your behalf.

You Probably Own More than You Think

• Do you own a car? What about a motorcycle?
• Do you have any furniture?
• Are you entitled to receive pension benefits?
• Does your employer have an employee stock option program?
• Do you have a life insurance policy, even a small one?
• Do you have a checking or savings account?
• Have you ever received a settlement or an inheritance?
• Do you receive bonuses from your employer?

Savings bonds count as property. The computers, TVs, and furnishings in your apartment are things that you own. As people get older, get busy, and move from job to job, it’s easy to forget little investments or small insurance policies. Maybe your employer at your old job offered a small 401(k) that you never bothered to rollover to your next company. The point is, you might not be a millionaire, but you probably own much more than you think. A will allows you to leave the things you own to people you care about.

Feeling overwhelmed by all the legalese? Afraid of the consequences of you or a loved one dying without a will? Concerned that an unpopular relative might get an unfair share of the assets? These are all valid concerns and ones that can be addressed by a legal professional. Get peace of mind by contacting an estate planning attorney to help you with your estate planning.  They can help you draft a will that suits your needs, whether your assets are extensive or modest.

The important thing is that you have a plan in place to ensure your property and your loved ones are properly cared for.