Do You Have a Will?

According to a recent Gallup poll, slightly more than half of American adults lack a will.

Most people understand what a “Will” or “Last Will and Testament” represents – a legal document directing who inherits your property after death.

Forbes reported that “80% of adults under 30 live without wills.” This presents a significant concern, particularly for married individuals or those with children who should maintain at least a basic will.

Will Complexity Varies by Estate

A will can range from straightforward to intricate. Simple wills leave everything to a single beneficiary like a spouse, child, sibling, friend, or charitable organization. Complex wills employ sophisticated estate planning strategies to minimize estate taxes and establish trusts benefiting multiple parties. The appropriate will type depends on your estate’s complexity and total value.

When You Need a Will

If you own property requiring legal ownership transfer – such as real estate, bank accounts without POD designations, brokerage accounts, or vehicles – you must have a will. Without one, state law determines how courts divide your property through intestate succession.

A will also helps prevent disputes among potential beneficiaries. Without clear instructions, heirs may contest asset distribution. Your will appoints an executor – the person or corporate trustee responsible for managing your estate according to your wishes.

Next Steps

Creating a basic will typically isn’t complicated, but working with an experienced estate planning attorney is essential. Most people underestimate their estate’s complexity and optimal asset transfer strategies. Minor execution errors can prove disastrous.

The time, effort, and expense involved in drafting a will provide invaluable peace of mind for those you leave behind.

If you need assistance creating or updating your will, contact The Stegall Law Firm to schedule a consultation. We are here to help.