Why Do You Need a Will?
A recent survey found that approximately 68% of individuals pass away without establishing a will. The repercussions of dying without one – known as dying “intestate” – can prove severe.
When someone dies intestate, their property distribution follows state intestacy laws. This means that if your next of kin includes someone you dislike or even despise, they may inherit regardless of your preferences. For unmarried couples, this situation is particularly problematic: without a will and estate plan, your partner has no legal claim to your assets.
Understanding a Will
A will represents a written document outlining your wishes and directions for managing your property after death, commonly referred to as your “estate.” Rather than allowing state law to dictate distribution, a will enables you to exercise control over what happens to your belongings.
In the absence of a will, intestacy laws typically distribute property to a surviving spouse or certain descendants. The better approach is consulting with an experienced estate planning attorney to prepare a will and comprehensive estate planning documents that safeguard you and those you love.
Getting Started with Planning
Begin by identifying your objectives and discussing them with family members. You might be surprised to discover that an adult child has no interest in receiving a particular asset. If you own a vacation home intended for the next generation, ask whether they actually want it.
A family meeting facilitated by an objective third party – such as an estate planning attorney – can clarify your intentions and establish heir expectations. This conversation might reveal important family dynamics and reshape your distribution strategy. For instance, if a grandchild dreams of purchasing a Ferrari with their inheritance, you might establish a trust with staggered distributions to prevent rapid depletion of their bequest.
Selecting an Executor
Choosing your executor ranks among your most critical decisions. The executor functions as your estate’s business manager after your death, operating as a fiduciary with legal obligations to prioritize the estate’s interests above personal concerns. They must manage finances competently, exercise sound judgment, and honor your wishes even when surviving loved ones disagree about your intentions.
Before naming someone, confirm their willingness to accept this responsibility. If no suitable candidate exists, your estate planning attorney can offer recommendations. Depending on your estate’s complexity, a bank or trust company might serve as executor.
Beyond the Will
A will represents merely the initial step in comprehensive estate planning. A complete estate plan encompasses preparation for incapacity through documents including a power of attorney, health care proxy, and living will (advance directive). Together with your will, these instruments position you and your loved ones to navigate life’s inevitable challenges.
If you need assistance with probate, elder law, or estate planning matters, contact The Stegall Law Firm to schedule a consultation.
