When Should I Make a Will?
Making a will can seem like a dreary, bleak, or even unnecessary task. The truth is, no one likes to think about their own death. We get it. Having a will, however, is the best way for you to ensure that your loved ones are taken care of. Here are a few pointers for if/when you decide to make a will.
In most states, if you are over 18, you have the capacity to create a legally binding last will and testament. It’s a good idea to be prepared and make a will sooner rather than later.
Why You Should Draft a Will
Even if you are young, there are still plenty of compelling reasons as to why you should draft a will. Say you have an inheritance or trust; drafting a will protects this money and leaves it to the person(s), groups, or charities of your choice. The same can be said for any money that you have. If you have any pets, a will ensures that they go to the caring home of your choice. Even your photos and social media accounts can be protected.
A will also helps to protect your loved ones. If you have a child, making a will is essential to ensure they end up in the proper care. You can also stipulate what’s to happen if you and your spouse, or the child’s other parent, die or become incapacitated.
What Happens If You Don’t Make a Will
If you fail to make a will before your death, your property will end up in “intestate succession.” This means that your estate will be divided up according to the state law that you live in. The majority of states base these laws on the Uniform Probate Code. This code divides your estate among your relatives; the closer the relative, the more of your property they will receive. The order of closeness is judged in descending order: first your spouse, then your kids, and finally, your parents.
How to Draft a Will
You can draft a will on your own, in theory; but it’s wiser to hire an experienced, professional trust and estate planning lawyer. An attorney will ensure that you include everything that is legally necessary in your will and that you compose it in the proper language, using the required terminology.
Making a will can be a complicated and confusing process, but it doesn’t have to be. Kristin Waters Sullivan has vast experience writing wills and planning estates, and she’s ready to make the process as easy as possible for you. Contact her today and start the process of creating your will.