Top 10 reasons to get a Last Will and Testament? Written by the Fall River Probate Attorney
What are the reasons to get a Last Will and Testament?
A Last Will and Testament is a legal document in which a person sets forth, for the rest of the world to know; how they want their assets/property divided at the time of their death and who shall be responsible for their dependent children. There are many reasons why everyone should have a will drafted and executed, but the most important is if you do not have a will the court and state will make these very important decisions pertaining to your property, your children and your family. Many, if not most of the time, the choices that the court and/or state make, are not in the best interest of the loved ones you have left behind. Here are 10 very good reasons why you should get a will drafted up as soon as possible:
1. Everybody Dies: the first and most obvious reason to get a Last Will and Testament drawn up is simply because everybody dies. I know this must seem obvious to you, but you'd be surprised how many people refuse to speak about death, even with all the death and violence we have on television. Prior to having an attorney draft a will for you, you should have this discussion with your loved ones, partner, and children.
2. Inheritance Laws Vary from State to State: since the laws pertaining to the disposition of property after one's death vary from state to state, it is important to have a will in place the time of your death. A will is the only way to determine that your assets and children are handled in the manner in which you choose, not that of the state or court. You may feel that certain people will inherit your property because of things you have heard, but the simple fact is there are so many different laws pertaining to the probate of an estate, chances are your assumptions are incorrect.
3. Because You Care about Your Loved Ones: the creating of a last will and testament ensures that your loved ones including your spouse, children, life partner, friends and relatives, understand your wishes and how you want your property divided at the time of your death and who will become executor at that time. Passing away with no last will and testament explaining your wishes regarding the dividing of your property and choosing guardians for your children at the time of your death, shall cause an undue burden to the very loved ones you are attempting to protect.
4. State Intestate Rules Are Costly: ("intestate" means to die without a will in Latin.) When someone dies without a will in place or intestate, the intestate laws of this state that person resides in take effect. These laws are not created for any particular person or situation in mind and are usually not the wishes of the person passing away, as to how they are property will be distributed and who will be appointed guardian of their children. Intestate rules of most states are inflexible and impractical; most do not allow assets to be distributed until all intestate succession rules have been followed.
5. If Both Parents Die Simultaneously, the Court Will Decide Who the Guardian of All Children under the Age of 18 Are: in your Last Will and Testament you can and should state who you wish to be the guardian of your under age children, in the event that both you and your spouse pass at the same time. The court always has final decision on who is appointed guardian of underage children, but if there is no will to go on to tell the court who the parent wishes the guardian of the children to be, the person chosen by the court could be a very different individual then you would've chose after you have passed away.
6. You Get to Choose Your Own Executor: an executor is the person responsible for distributing your property and appointing guardians of your children, as is dictated by your wishes in your will. Without a last will and testament, the court will decide who to appoint to the task of executor of your estate: which may be someone who is not suitable for the task.
7. You'll Save Your Loved Ones and Yourself Both Time and Money: once a person passes away it is up to the courts to determine if a will is authentic. These probate costs are inevitable but can also be quite costly, especially if you do not have your assets held in a trust. Using an attorney you can decide if certain steps can be taken such as the use of a pore over trust that would save your loved ones both time and money through this process.
8. Avoiding Unpleasant Situations: you may not want to think about it or even believe it; but if you die without a will and I can almost guarantee your family, yes your family we're talking about, will fight over the distribution of your property. It's sad to say but in almost every instance I've seen, if there is no will in place, once the loved one is gone, the remaining family members start fighting over the property right away. It is not uncommon for fights to start at the funeral itself.
9. Change Is the Only Constant: every year our lives change, maybe you get new job, maybe you started a new business, or maybe you got married or remarried. But considering all the different changes that can happen in your life from year-to-year, it is not only important that you have a will, but that you regularly or on a yearly basis update your will. If you have a new child for instance, and forget to update the will in this child turns out to be one of your least favorite people in the world, when you pass away they will be able to make a claim on your estate even though they are not named in the will.
10. An Attorney Cost Less Than You Making a Mistake Trying to Write a Will Yourself: with all the new resources out there on the Internet and programs that can be purchased it is becoming almost trendy for people to write their own wills. But I would argue that an attorney is essential in drafting of a will, as they must be error-free, devoid of vague wording, your grasp of the law of writing a will is certainly incorrect, and a handwritten will in most cases is considered invalid. Even if the will itself was created correctly, if you get the execution wrong then the entire wheel is invalid and it says if you never written one at all. Save your loved ones from the cost of and properly drafted will instead of saving yourself a few hundred dollars. Remember a will usually cost less than $1000 to have drafted.
For more information on Wills, Trusts, Estate Planning, Living Will and Power Of Attorney please visit our website at: http://massachusettslawyeronline.com/practice-areas/probate-law/wills/
A Last Will and Testament is a legal document in which a person sets forth, for the rest of the world to know; how they want their assets/property divided at the time of their death and who shall be responsible for their dependent children. There are many reasons why everyone should have a will drafted and executed, but the most important is if you do not have a will the court and state will make these very important decisions pertaining to your property, your children and your family. Many, if not most of the time, the choices that the court and/or state make, are not in the best interest of the loved ones you have left behind. Here are 10 very good reasons why you should get a will drafted up as soon as possible:
1. Everybody Dies: the first and most obvious reason to get a Last Will and Testament drawn up is simply because everybody dies. I know this must seem obvious to you, but you'd be surprised how many people refuse to speak about death, even with all the death and violence we have on television. Prior to having an attorney draft a will for you, you should have this discussion with your loved ones, partner, and children.
2. Inheritance Laws Vary from State to State: since the laws pertaining to the disposition of property after one's death vary from state to state, it is important to have a will in place the time of your death. A will is the only way to determine that your assets and children are handled in the manner in which you choose, not that of the state or court. You may feel that certain people will inherit your property because of things you have heard, but the simple fact is there are so many different laws pertaining to the probate of an estate, chances are your assumptions are incorrect.
3. Because You Care about Your Loved Ones: the creating of a last will and testament ensures that your loved ones including your spouse, children, life partner, friends and relatives, understand your wishes and how you want your property divided at the time of your death and who will become executor at that time. Passing away with no last will and testament explaining your wishes regarding the dividing of your property and choosing guardians for your children at the time of your death, shall cause an undue burden to the very loved ones you are attempting to protect.
4. State Intestate Rules Are Costly: ("intestate" means to die without a will in Latin.) When someone dies without a will in place or intestate, the intestate laws of this state that person resides in take effect. These laws are not created for any particular person or situation in mind and are usually not the wishes of the person passing away, as to how they are property will be distributed and who will be appointed guardian of their children. Intestate rules of most states are inflexible and impractical; most do not allow assets to be distributed until all intestate succession rules have been followed.
5. If Both Parents Die Simultaneously, the Court Will Decide Who the Guardian of All Children under the Age of 18 Are: in your Last Will and Testament you can and should state who you wish to be the guardian of your under age children, in the event that both you and your spouse pass at the same time. The court always has final decision on who is appointed guardian of underage children, but if there is no will to go on to tell the court who the parent wishes the guardian of the children to be, the person chosen by the court could be a very different individual then you would've chose after you have passed away.
6. You Get to Choose Your Own Executor: an executor is the person responsible for distributing your property and appointing guardians of your children, as is dictated by your wishes in your will. Without a last will and testament, the court will decide who to appoint to the task of executor of your estate: which may be someone who is not suitable for the task.
7. You'll Save Your Loved Ones and Yourself Both Time and Money: once a person passes away it is up to the courts to determine if a will is authentic. These probate costs are inevitable but can also be quite costly, especially if you do not have your assets held in a trust. Using an attorney you can decide if certain steps can be taken such as the use of a pore over trust that would save your loved ones both time and money through this process.
8. Avoiding Unpleasant Situations: you may not want to think about it or even believe it; but if you die without a will and I can almost guarantee your family, yes your family we're talking about, will fight over the distribution of your property. It's sad to say but in almost every instance I've seen, if there is no will in place, once the loved one is gone, the remaining family members start fighting over the property right away. It is not uncommon for fights to start at the funeral itself.
9. Change Is the Only Constant: every year our lives change, maybe you get new job, maybe you started a new business, or maybe you got married or remarried. But considering all the different changes that can happen in your life from year-to-year, it is not only important that you have a will, but that you regularly or on a yearly basis update your will. If you have a new child for instance, and forget to update the will in this child turns out to be one of your least favorite people in the world, when you pass away they will be able to make a claim on your estate even though they are not named in the will.
10. An Attorney Cost Less Than You Making a Mistake Trying to Write a Will Yourself: with all the new resources out there on the Internet and programs that can be purchased it is becoming almost trendy for people to write their own wills. But I would argue that an attorney is essential in drafting of a will, as they must be error-free, devoid of vague wording, your grasp of the law of writing a will is certainly incorrect, and a handwritten will in most cases is considered invalid. Even if the will itself was created correctly, if you get the execution wrong then the entire wheel is invalid and it says if you never written one at all. Save your loved ones from the cost of and properly drafted will instead of saving yourself a few hundred dollars. Remember a will usually cost less than $1000 to have drafted.
For more information on Wills, Trusts, Estate Planning, Living Will and Power Of Attorney please visit our website at: http://massachusettslawyeronline.com/practice-areas/probate-law/wills/