There are many advantages to having a will. Depending upon your circumstances, a properly executed will can save you time and money, avoid misunderstandings, and reduce or eliminate lengthy delays in court proceedings. As a famous economist once said, "In the long run, we're all dead." Of course, that doesn't mean we are all helpless. There are many things we can do while we are alive to make sure our loved ones are provided for after we are gone. Make sure you have a properly executed will before you die. If you are over eighteen years of age and of sound mind, but you don't have a will, please read the following list of potential benefits.
1) Name the persons and organizations that you want to receive your property when you die. If you die intestate (without a will), the courts will look to the statutes to see who will receive your assets, and in what amounts. With a properly executed will, you decide who gets your assets and in what amounts
2) Designate a guardian for your minor children. In the event you die unexpectedly, you may choose the person who will provide for your minor children with the care and supervision they need to grow. Without such a designation, lengthy and often costly court proceedings may be needed to determine who will be the guardian of your minor children.
3) Avoid hard feelings and obtain peace of mind. By clearly documenting your wishes in your will, you mitigate or avoid the potential for hard feelings associated with family members who are otherwise left to speculate as to your wishes. With a properly executed will in place, you may rest assured that your wishes to care for your loved ones are documented and take comfort in knowing that your estate will be distributed accordingly.
4) Name a person to manage property left to your minor children. In your will, you can name a person to manage any property that your minor children may receive, so that such property is managed in their best interest.
5) Name your personal representative. In a will, you may choose your personal representative (executor). This is the person who will be responsible for managing and distributing your assets according to your will. If you die intestate (without a will), the courts will designate a personal representative and distribute your assets according to legislative statutes, rather than your will.
6) Create a trust through your will. Your will can create a trust so that your entire estate, or a portion of your estate, is protected for the benefit of your family. You can also use this trust to provide for the care of your minor children without having to subject your family to guardianship proceedings, which can be both lengthy and costly.
7) Save Time and Money. A properly executed will can significantly reduce the amount of court involvement, and in turn, the potential for lengthy and often costly delays in the probate process.
If you have any questions or would like any additional information please contact us at your earliest convenience.