I’m not rich. Do I really need a will?
YES!! Everyone needs an estate plan.
Having a will is essential for everyone, regardless of age or financial status. A will allows you to dictate how your assets and possessions will be distributed after your passing, ensuring that your wishes are carried out.
Without a will, the state may determine how your estate is divided, which can lead to disputes among family members and prolonged legal battles.
Additionally, a will can designate guardians for any minor children and provide instructions for your funeral arrangements, relieving your loved ones of making difficult decisions during a time of grief. By having a will in place, you can have peace of mind knowing that your affairs are in order and your loved ones are taken care of according to your wishes.
Here’s why everyone needs an estate plan:
Property distribution
A will or trust allows you to specify how your property and assets should be distributed after your death. Without an estate plan, state laws determine the distribution, often prioritizing close relatives like spouses, children, or parents. While that might be OK with you for now, your situation may change, or you may simply have other plans for distributing your property after your death. Without an estate plan, none of that will be recognized by a court.
Fiduciary Appointment
When you create a will or trust, you have the opportunity to choose a fiduciary—a personal representative-- who will handle the legal aspects of your estate after your death. Without an estate plan, you have no choice as to who administers your estate when you die. You may have a competent loved one who can step up and handle estate-related matters, but if you don’t, or if your loved ones have no desire to manage such intricacies, you place a tremendous burden on whoever ends up with the job. And if you fail to put your affairs in order beforehand, the “job” may drag on for years.
Guardianship for Children
If you have minor children, a will is the only way you can nominate a guardian to care for your children if you pass away. Without a will, the court decides who will care for them. If a dispute arises among surviving family members as to who will care for your children, your children are caught in the middle of what can become an unpleasant, even ugly, situation. Losing one or both parents is trauma enough for a child: why risk subjecting him or her to even more?
Property Management for Children
If you pass away while your children are minors, they cannot legally take possession of your property. Who takes possession on behalf of your children? The court must decide. Why would you leave that decision to just anyone when, with a minimal amount of time and money you can appoint someone you know and trust in advance?
Conclusion
An estate plan is vitally important for so many reasons. It is not as complicated or as expensive as you may think, and Beth Wade makes the process virtually painless. Call Beth for your free consultation today!
