You want to be in charge. You want the people you select to inherit the fruits of your labor. You want the special relic to be for a certain person. Have you written it in a will?
Here are 5 reasons why you should.
- What happens if you die without a will? Dying without a will is called dying “intestate.” You are the testator, the person who can make the decisions, if you don’t, then you are intestate and that means that the court will make the decisions for you according to the laws of your state. That may mean that when they follow the law, the person who becomes the beneficiary, the one who receives your assets, may not be the person you would have chosen.
- My spouse and I can have a joint will, right? Wrong! Well it could, but it is not recommended and may not even be recognized in some states. It is rare for spouses to die at the same time. In addition, each one has their own life. You may have assets that are not jointly owned or you may want to leave assets to someone from your past, such as a child from another marriage.
- Can I leave certain things to certain people? You want your best friend from your childhood to get the old doll that you played with together. You don’t want your sister to take the necklace your mom gave you; you want me to go to your daughter. You can make those legacies and more. Be specific in your will so that your wishes are carried out.
- Can someone contest my will? Contest is a challenge to the legal validity of a will. The laws of your state will apply, but in some cases, a spouse, ex-spouse, or child may attempt to contest a will that violates local probate laws. The best defense is a good offense. Only the validity of the will can be challenged by means of whether the deceased was competent or not or if there was coercion or fraud. A clearly written legal will should stand up to any challenge.
- Who should be my executor? The choice is yours. It could be your spouse (if you are still alive), a child, or a trusted friend. If you think you need additional help because your issues are complicated, you can also appoint an attorney or financial advisor.
Another question that often comes up is: do you need a lawyer to prepare your will? The answer is no. You can even write on a napkin or use an online program, if it meets your state’s legal requirements. However, an experienced family law attorney will know the laws in your state and will be able to better protect your assets with strategies like living trusts. A family law attorney may well be worth your fees!