Everyone needs a will. You have heard this said and repeated many times. Still, many fail at this most basic financial and estate planning task. There are many reasons why you and everyone should have a will. We will simply give the top four at this time.
One - If you do not have a will, the state writes your will through the laws of intestacy. You surrender the right to control the disposition of your property as you wish and exactly in the manner you wish.
Two - Without a will, you forfeit the right to determine who will administer your estate. You have no will, you cannot name your personal representative. The Probate Court will instead appoint someone or your heirs will fight about controlling your assets.
Three - The cost of administering your estate will be higher. In many cases, it might be prohibitive and leave little for your heirs. With a will, you can provide for simplified probate and request the court to administer your estate without supervision. This saves many dollars in attorney administrator fees. You may also provide various powers you will allow your personal representative to efficiently distribute your property and allow your personal representative to do it in the most cost-effective way.
Four - Without a will, you lose the ability to reduce taxes you and your estate and heirs will pay. A will allows you minimize and avoid inheritance, estate and income taxes through planning, the use of trusts and powers given to your personal representative.
Please contact me if you have any questions regarding your Will & Trust.