Need for a Will

Many people have never prepared a will even though they have a nagging feeling that it should be done. Perhaps the rather morbid title, “Last Will and Testament,” has caused them to delay taking action.

However, both married and single individuals need a will. If you do not prepare a will, the State will draw one for you, and chances are very good that you will not like the provisions. The legal term for dying without a will is to die “intestate,” and the distribution of your property will be based on the Intestate laws of the state in which you reside at the time of death.

In the absence of a will, the Probate Court will appoint an Administrator such as a family member or local attorney. After a complicated procedure, all of your assets will be distributed according to the state’s formula. Your estate assets consist of personal property (furniture, jewelry, clothes, automobiles), real estate, investments (cash, savings, securities), employee benefits (group insurance, retirement plans, profit sharing) and other items such as proceeds of a lawsuit against someone who accidentally caused your death.

Having a will drawn can prevent family arguments and will give you the opportunity to be certain that your property will be distributed promptly to the parties you have designated as beneficiaries.

You should also designate an Executor to carry out your bequests efficiently and promptly and with less expense than if there had been no will in the administration of your estate. You may also wish to provide special bequests to non-profit organizations.

By having a will prepared, you will also be establishing a relationship with an attorney that could be extremely valuable to you in the future. Naturally, the will should be periodically reviewed to reflect changing circumstances and to consider changes in tax laws. To learn more about questions to ask before seeking the advice of an attorney about a will, read our article Considerations for Making a Will.